Taxation query!!!

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Anurag Gupta

STUDENT

65 Points Posted on 12 July 2014

Hello

Whether salaried person falls in 30% tax bracket and i have 2 concern please help with as per the correct provisons. Invesed in L&T and RECI in fy 10-11 and 11-12 respectively Rs. 20000/- as per 80ccf in infra bonds but the my concern with interest income which was received in march 2014 Rs.3430/- from both mentioned co.

1. Whether the interest income is exempt in this ay 2014-15 as per the sec 10(15)(iv)(h) or not?

2. If not then have to pay self assessment tax of Rs. 1060/-. Whether any interest u/s 234 A/B/C ? bcoz in this ay return is treated defective if int. not pay ?

Thanks.

Replies (3)

Tribhuvan Aditya Singh

Student as well as Self-employed

3853 Points Posted on 12 July 2014

sec 10(15)(iv)(h) is applicable for REC bonds issued during the FY 11-12 and not for bonds relating to FY 10-11... therefore, you will be required to pay tax on this interest amt.... as far as intt u/s 234A/B/C is concerned.. use any 234A/B/C calculator easily available on caclubindia website to check for its calculations.

Anurag Gupta

STUDENT

65 Points Posted on 12 July 2014

Some more concrete solution if any.

Whether self assessment tax applicable? bcoz tds on salary u/s 192 as already deducted.

thanks

Tribhuvan Aditya Singh

Student as well as Self-employed

3853 Points Posted on 12 July 2014

yes self assessment tax is payable... even though tds has been deducted on salary, has it been deducted on intt. income. if not, then you are reqd to pay tax on intt. income... it wont be possible for me to give detailed calculation of 234A/B/C, thats why i asked you download a calculator.