Good Morning! I am employed in private company and salaried person. I have the below questions regarding tax exemption and tax on bank accounts interests.
1. I have 3 bank accounts and have quarterly interests from my Saving bank account, Fixed deposits and Recurring deposits. I would like to get it clarified how tax is calculated on this.
There is an exemption of Rs.10000 (Ten thousand) on the interest component. Is it for each category separately or summation of interest of all the three, Saving interest + Deposit interest + RD interest.
2. When is the last date for paying the self assessment tax?
I tried to pay my self assessment tax for the bank interests AY19-20, but when I select the assessment year as 19-20, website is throwing the error "Assessment Year cannot be greater than the current financial year for the type of payment selected by you". Can you please help me in this regard too.
Thanks in Advance!
Regards,
Kannan V
CAclubindia
