Revised return for FY2008-09 should be filed under which sec

Hi, I would appreciate any inputs on my queries regarding taxation/tax filing -

 

1. I am filing second revised return for FY-2008-09. Earlier, original return was filed in July 2009, and first revised return in august 2009. So my query is, under what section this revised return should be filed - 11 - u/s 139(1) or any other section?

2. As per my understanding, Interest from Fixed deposits is taxable and in case the FD spans over multiple years, tax needs to be calculated and assessed in each financial year. Banks should also deduct TDS if interest more than 10000. My queries are -

a. how much TDS, bank shall deduct?

b. Does it form part of the total income or there is other flat tax rate?

c. Does bank provide any TDS/TCS certificate? or some form16 type form?

d. If the total income after adding FD interest is below taxable limits. How to avoid TDS?

 Thanks

Ajay

Replies (1)

1.       Revised return should be filed u/s 139(5)

 

2.       Tax is to be deducted u/s 194A, only if yearly interest paid/credited is more than Rs. 10,000. Therefore tax shall not be deducted if yearly interest is less than Rs.10,000/-, but in aggregate exceeds Rs. 10,000/-.

 

a.       Bank shall deduct tax at a flat rate of 10%, if you have a PAN.

Otherwise the rate is 20%.

 

b.      Total income shall include the above interest, before TDS. ie, Tax deducted is also the part of total income.

 

c.       Bank shall provide TDS certificate in Form No. 16A.

 

d.      For avoiding TDS you can make a declaration in writing in duplicate   in Form 15G or Form 15H (in case of senior citizens),  to the person responsible for deducting tax (in your case, the Bank Manager),  provided your total income is less than the basic exemption limit.

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