Revision u/s 194A

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Dear sir/madam, I have to state the following- i)My date of birth is January 1961. For which FY I shall be treated as senior citizen for income tax purpose? ii)We have received an email from IT dept u/s 194A informing us that we have not paid Tax on Rs.256731=00 informed by various banks. This includes an interest in FD's and also an interest in saving banks. iii)Out of the above-mentioned we have already paid tax on Rs.69504 as this was mentioned in form 26 AS and filed ITR and got refund also of Rs. 4920=00 Now I am preparing revised ITR u/s 139(5), please let me know the following- i)What amount should be shown as 'income from other sources' should it be Rs. 256731=00 or after excluding interest on saving banks from Rs.26731 in order to claim exemption up to Rs.10000=00 u/s 80TTA? ii)What about Rs.69504 which is included in Rs256731? On Rs69504 we have already paid the the tax and got refund also? Should we exclude this amount now? ii)What should we do about the IT refund of Rs.4920=00.already got? iii)How much we should deposit tax as 'self-assessment tax'? Kindly reply immediately about above mentioned. Your additional advice is also welcome. Thanks
Replies (2)
Fy 2020-21

your total interest should add upto 256731
1) You shall be a senior citizen for FY20-21 (because you have completed 60 years during the FY 2020-21) 2) If total interest income is 2.56 lacs, that would be your income from other sources 3) Senior citizens can claim deduction on interest up to Rs.50k u/s 80TTB 4) Once you fill up the revised ITR form, you will know the exact tax liability (including interest if applicable) for payment of tax.


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