Tds in 26as for e-filing

Efiling 842 views 13 replies

vinod

engineer

36 Points Joined August 2014

dear sir/madam,

I am govt. servant. all taxes due have been deducted from my salary, before 31mar2014 for FY 2013-14. I am e-filing my tax returns for FY2013-14 late. In my form 26AS on i.tax website, TDSof Rs 1478/- is shown as deducted by bank under section 194A and on filling up tax returns, this amount is showing as "tax refundable". My queries are-

i) Do i have to show income on bank ineterst as income from other sources in my return?

ii) If yes, do i have to get any kind of statement from bank before filing return?

iii) This TDS under 194A has been deducted at 10% by bank ,while i am in 20% tax bracket. so do i have to pay additional tax at 10%(ie to make TDS= @ 20% as per my slab) ?

iv) Since i am filing late tax returns, do i have to add 1% fine amount also, before paying this tax? ( filing tax in aug14 instead of july31'2014 with tax due=10% )

v) the helpline of i.tax saying that just claim refund 0f 1478/- as appearing in returns and no need to pay any tax or fine.but i am not convinced.

Experts may please help me as i am very confused over this. Thanks in advance.

warm regards, vinod.

Replies (13)

rohit chadha

accountant

107 Points Joined October 2012

no need to pay late fee fine coz u r have invidual return u just filling itr

vinod

engineer

36 Points Joined August 2014

sir,

thanks. can u please reply to my other queries also.

warm regards, vinod

Anubhav

Chartered Accountant

429 Points Joined March 2008

Originally posted by : vinod

dear sir/madam,

I am govt. servant. all taxes due have been deducted from my salary, before 31mar2014 for FY 2013-14. I am e-filing my tax returns for FY2013-14 late. In my form 26AS on i.tax website, TDSof Rs 1478/- is shown as deducted by bank under section 194A and on filling up tax returns, this amount is showing as "tax refundable". My queries are-

i) Do i have to show income on bank ineterst as income from other sources in my return?

Yes, remember to claim deduction of Sec 80tta.

ii) If yes, do i have to get any kind of statement from bank before filing return?

No, only 26AS willl do. If you are sure with the stated amount.

iii) This TDS under 194A has been deducted at 10% by bank ,while i am in 20% tax bracket. so do i have to pay additional tax at 10%(ie to make TDS= @ 20% as per my slab) ?

It will automatically be computed.

iv) Since i am filing late tax returns, do i have to add 1% fine amount also, before paying this tax? ( filing tax in aug14 instead of july31'2014 with tax due=10% )

No fine need to be paid. Interest u/s 234 will be their.

v) the helpline of i.tax saying that just claim refund 0f 1478/- as appearing in returns and no need to pay any tax or fine.but i am not convinced.

Experts may please help me as i am very confused over this. Thanks in advance.

warm regards, vinod.

For further query PM or mail me

AJH & CO.

anubhavjain @ ajhco.in

vinod

engineer

36 Points Joined August 2014

thanks sir.

regards, vinod

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

1. yes, you need to include this income...... 2. no documents necessary..... 3. yes, you need to pay balamce tax..... 4. intt under 234a/b/c @ 1% will be leviable, it is not any kimd of fine..... 5. helpline is wrong, file your return will correct income details to avoid any litigations in future.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

dear anubhav, FD intt is not allowed as deduction under sec 80tta.

Anubhav

Chartered Accountant

429 Points Joined March 2008

Originally posted by : Tribhuvan Aditya Singh
	dear anubhav, FD intt is not allowed as deduction under sec 80tta.

Hi,

Nowhere it is mentioned that the interest income is from Fixed Deposits.

Asuming some part being FD interest and some being savings bank account interest advise was sought.

For any further query PM or mail me.

AJH & CO.

anubhavjain @ ajhco.in

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

dear anubhav, vinod has clearly mentioned that tds was for 194A, still it wasnt clear for you. anyways, it is ok that you assumed and then answered.

Anubhav

Chartered Accountant

429 Points Joined March 2008

Originally posted by : vinod
	dear sir/madam, I am govt. servant. all taxes due have been deducted from my salary, before 31mar2014 for FY 2013-14. I am e-filing my tax returns for FY2013-14 late. In my form 26AS on i.tax website, TDSof Rs 1478/- is shown as deducted by bank under section 194A and on filling up tax returns, this amount is showing as "tax refundable". My queries are- i) Do i have to show income on bank ineterst as income from other sources in my return? ii) If yes, do i have to get any kind of statement from bank before filing return? iii) This TDS under 194A has been deducted at 10% by bank ,while i am in 20% tax bracket. so do i have to pay additional tax at 10%(ie to make TDS= @ 20% as per my slab) ? iv) Since i am filing late tax returns, do i have to add 1% fine amount also, before paying this tax? ( filing tax in aug14 instead of july31'2014 with tax due=10% ) v) the helpline of i.tax saying that just claim refund 0f 1478/- as appearing in returns and no need to pay any tax or fine.but i am not convinced. Experts may please help me as i am very confused over this. Thanks in advance. warm regards, vinod.

Hi Tribhuvan,

194A covers all interests FD's as well as savings bank account interests.

So on that assumption that interest could be of FD or Savings bank, my team gave advice.

I think the assessee Mr Vinod also found it quite satisfactory.

But in case you have any further issues, kindly PM or mail me.

AJH & CO.

anubhavjain @ ajhco.in

vinod

engineer

36 Points Joined August 2014

sir,

Thanks to all experts for your help. Just one more thing -which challan should i use for paying o/s tax ( computed on i.tax website after adding other income from bank interest). Also if i am paying tax through online banking, will challan no. be same.

Hoping for early reply.

Thanks & regards,

vinod.

vinod

engineer

36 Points Joined August 2014

sir, is itns-280 correct form after last date ie 31jul2014 and also for online payment of tax?

thanks & regards,

vinod.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

yes, challan 280 is correct for payment of tax. you can use it for online payment.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

dear anubhav, may be mr. vinod is satisfied from your reply but i am not satisfied. explanation 1 of sec 194a explains the meaning of deposits and it nowhere mentions savings deposits rather it says deposits repayable after expiry of fixed periods and saving account does not come under this category..... kindly provide an extract of sec or circular or notification which says 194a includes intt on savings account.