TDS and Income Tax

Hello Dear Raman Deep Singh

First thing is if the bank deducts TDS, then you can take the credit of the same. And therefore you have to first show the interest income, assess the tax liability and take credit of TDS already deducted by bank. 

By the way, bank will deduct TDS @ 10% if the interest income exceeds 10,000. If you doesn't provide PAN to the bank, then deduction will be at the rate of 20%

Hope you got the clarity.

Yes, interest income should disclose in itr even tds already deducted. No dual tax , tds already paid can be taken as credit.

If you get total interest as  Rs 15000 say . Bank will deduct Rs 1500 as TDS. So in hand you will get Rs  13500.

In ITR  "income from other sources" --> interest   take full Rs 15000 as income along with other income.

In TDS sheet fill rs 1500  and claim tax credit.

Dear concerns, I would like to discuss that While filling ITR I have deducted Rs. 15000 (HRA given by my Employer) to salary income in ITR. because I haven't find any column to fill the HRA amount. But now ITR department send me a notice in 143(1) a regarding this mismatch so now how I have to do. please help me in that.