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Which is the correct itr for salary+interest from fd

Mukesh Sharma (B.Com) (42 Points)

07 July 2016

Hello Dears, I am a salaried person. and i also have bank interest from FD on which bank is deducting my TDS. my question is which ITR is the correct. and can i get my TDS money (Interest on FD) back by filling ITR. Please suggest.

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4 Replies

pavankumarcma (B.Com ICWAI (CA FINAL) SAP Consultant) (147 Points)
Replied 07 July 2016

Hi,

ITR - 1 (SAHAJ) - For Individuals having Income from Salary and Interest

Regards,

Pavan Kumar Arvapally

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 07 July 2016

Hii Mr.Mukesh, you can file ITR-1 Sahaj as it is applicable on persons having
-Income from Salary/ Pension; or
-Income from One House Property (excluding cases where loss is brought forward from previous years); or
-Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
However, If you have foreign assets, you cannot use ITR-1.
or
If you have exempt income which is more than Rs. 5,000, you cannot use ITR-1.
After filing the ITR, if your income is above basic exemption limit of Rs.2,50,000 then firstly your liability will be set off from the tax deducted at source and still if any unpaid liability exists then you have to pay such difference amount of tax as self assessment tax, in other cases if tds amount is greater than your liability then refund will be issued to you after processing.