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Tds and taxable income and itr form for super senior citizen

Tax queries 698 views 4 replies

My father is age 82. Semi-retired, but teaching.

Ass Year 2013-14

Total income from interest on FD and GOI bond maturity = 710,000/-

TDS deducted is = 72,000/-

Professional non tution income = 10,000/- (TDS 200)

Tution income = 300,000/-

Provident Fund Investment = 100,000/-

What is the tax liability and late fine? And which ITR form to use?

Thank you.

Replies (4)

He may file ITR-4.

Since he is in teaching profession, he may avail deductions from his income such as expenses incurred to earn the tuition fees. 

There shall be no fine. In case there is a tax liability, he may have to pay tax plus interest on late depositing of self-assessment tax. Check your 26AS. 

FD interest is fully taxable, and so is the tuition income earned. You will get deduction of investments in PPF of 1 lac.

I am not sure what is bond maturity? 

 

You may File ITR4 as suggested by Mr. Mihir..

GOI {Govt. of India} bonds and the rate of interest offered on the bond is 8% per annum.

Interest is taxable in the hands of the investor.

As your father is above 80, upto 500000 income no tax..

Above 5lacs to 10lacs tax @ 20 percent, and beyond that 30 percent...

As your father can claim 80C deduction up to 1 lacs...

Thank you both for the replies.

What I want to know is ---

At what point is the TDS already paid to be deducted from amount due to tax deptt?

After calculating the final tax, or some other point?

TDS deducted as per the Provision of the section 194A.


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