If I have interest income totalling to Rs2.5 lacs. I have annual PPF investment of Rs 1lac. So Rs 1lac of PPF can be deducted from the interest income. So do I have to pay tax @ 10% on bal Rs 1.5 lacs. Or only if the bal amount crosses Rs2lacs and more.
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Tax implications
Replies (3)
You don't have to pay any tax till your net taxable total income crosses 2 lacs.
2.5 lacs - 1 lacs = 1.5 lacs
However you will have to file your income tax return mandatorily.
Check 26AS. TDS might be deducted from your interest income. You shall be eligible for a refund because your income is below tax slab (2 lacs) provided you file your return.
on every excess amount of rs 10000 banks required to deduct tds hence tds must hve been deducted..so check 26 As.
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