Urgent help--interest on fd

ITR 488 views 7 replies

Ron

54 Points Joined April 2013

Government female employee.

The Form 16 does not show any income under other sources. While interest has been earned on Fixed deposit.

Tax has been deducted and paid on both salary (by the employer) and the bank has deducted TDS on the FD interest @ 10%.

The problem is the GTI is calculated without showing the interest on FD under other sources and tax has been calculated without disclosing the same.

While filing the return a refund of 13000 is being shown, it is nothing but the TDS on interest on FD itself.
What to do? :-(

Replies (7)

C.A. Jignesh N. Mehta

C.A.

1030 Points Joined January 2009

you need to put income from salary in itr and income from other sources in itr and then calculate tax.

It will solve all your problems.

Ron

54 Points Joined April 2013

Thank you for replying.

I did as you said sir.
I'm getting an amount of 15000 as further Tax Payable.
What should I do next?

C.A. Jignesh N. Mehta

C.A.

1030 Points Joined January 2009

provide details of form 16.

Form 26AS - TDS deducted amount

Interest income details

Let us have a check only then can i help.

because this should not happen in ITR form.

Mihir

Wealth Manager

5293 Points Joined December 2008

Interest received on FD is part of income from other sources. You will have to show interest earned as well as TDS deducted in your ITR. Calculate the tax thereafter, and pay the tax if any liability arises or be entitle to a refund if more tax has already been paid.

Ron

54 Points Joined April 2013

Thank you.
Which challan show be filled in this case? There is some tax liability (after including Interest on FD in other sources) that is needed to be paid.

There are 4 challans, right?
208

281

282

& 283

Which one is to be used in this case?