Hello All
Interest Earning for a FY 2015-2016, is Rs 2, 75, 000 from FD (house wife age less than 60yrs)
TDS 10% on Rs2,75,000 or on Diff Rs 25,000 (250k-275k)
Please clarify
thanks
SB
5 Replies
CA Prashant Hegde
(Chartered Accountant)
(266 Points)
Replied 29 May 2016
Upto 250000 exempt.
Balance taxable @ 10% that comes to Rs. 2500
Rebate u/s 87 A -2000
So balance tax 500
Cess 500*3%= 15
So total tax payable is Rs.515.
(Assumed that there is no other source of income and no notified investment which can deductable under chapt. VI A.)
Balance taxable @ 10% that comes to Rs. 2500
Rebate u/s 87 A -2000
So balance tax 500
Cess 500*3%= 15
So total tax payable is Rs.515.
(Assumed that there is no other source of income and no notified investment which can deductable under chapt. VI A.)
Balaji Subbu
(SAP FICO)
(220 Points)
Replied 29 May 2016
Hello Pashant Hegde
I appreciate your fast resposne and Thank you for your quick help.
Your assumptions are right, no other source of income and no investment
(I belive Rs2500 dividend from Indian Companies and Gift from husband Rs60K - both are totally exempted from Income Tax)
regards
SB
CA Prashant Hegde
(Chartered Accountant)
(266 Points)
Replied 29 May 2016
Yes, you are right,, but you have to declare that income in ITR.
Balaji Subbu
(SAP FICO)
(220 Points)
Replied 29 May 2016
Hi Prashant Hegde
You meant to say that, (i) dividend & (ii) Gift from husband- both must been shown in the Return 2015-2016.
If so, under what sections I will claim for a deduction, in the same Return.
Please clarify
Thank you
SB
CA Prashant Hegde
(Chartered Accountant)
(266 Points)
Replied 29 May 2016
Hi,
There is separate columns to fill exempt incomes,, there you have to show.
thanks
There is separate columns to fill exempt incomes,, there you have to show.
thanks
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