Tax liability on interest from Savings Account
Hello,
Can anyone please clarify if we need to pay tax on the interest earned of Savings accounts also, besides on the FD accounts.
Best Regards,
Sameer Srivastava
Can anyone please clarify if we need to pay tax on the interest earned of Savings accounts also, besides on the FD accounts.
Best Regards,
Sameer Srivastava
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Please clarify again the following : If income of wife and husband are combined in the IT return of the husband, then can we show the TDS deducted for both wife and husband accounts in their respective PAN Cards in the IT Form of the husband in schedule TDS2 and the combination of income details of PAN Card of wife in schedule SPI. Or we have to ask for refund of wife's TDS by filing the return and pay the same tax in the IT filed by husband. with best wishes Madhu & Ramesh Suri E-209, Gr. Floor, Greater Kailash II, New Delhi 110048 (Ph) 011 29225852, In US : 773 253 4959 (M)+919717799699,(M)+919910811761 Mail: rksuri16@yahoo.com Please send an SMS on the first Indian mobile number to contact >________________________________ > From: Uttam Kumar >To: rksuri16@yahoo.com >Sent: Monday, 15 July 2013 12:07 PM >Subject: Commented on "Tax liability on interest..." in [All about Income tax in D] > > > >
Jul 19
For the AY 2011-12, the belated return can be filed up to two years from the end of financial year. Make sure form 26AS shows these deductions before returns are filed. Yes, returns can only be filed after 31st march till new forms are available.
Jul 15
1. Thanks Uttam. You have been a great help.This clarifies the matter. Last year my IT Return was filed taking into account her TDS also in my return, and i was told that we need not file any return for her, as her income is nil. 2. I'll do as suggested for the AY 2012-13 and part of this year also. But for the year 2011-12 the time is over, I think. I could ask for refund only if I filed her return till 31st July2012. Right? or is there any other way for getting the refund if the IT Return has not been filed before 31st July? 3. And I shall go and ask the bank to stop deducting TDS by filing Form 15. Can we file a return before the financial year is over ans ask for refund, or it has to be filed after the AY is over in April ? With best wishes Madhu & Ramesh Suri E-209, Gr. Floor, Greater Kailash II, New Delhi 110048 (Ph) 011 29225852, In US : 773 253 4959 (M)+919717799699,(M)+919910811761 Mail: rksuri16@yahoo.com Please send an SMS on the first Indian mobile number to contact >________________________________ > From: Uttam Kumar >To: rksuri16@yahoo.com >Sent: Monday, 15 July 2013 8:09 AM >Subject: Commented on "Tax liability on interest..." in [All about Income tax in D] > > > >
Jul 15
Suriji, why is this happening need to be investigated, contact bank officials and get this resolved for future. If there is no income for your wife and TDS is being done, file a return asap and claim refund, there is a time limit. If all the docs are in place, just file.
Jul 15
Thanks Uttam, for the clarification. I had filed it last year showing TDS on her account also in my ITR. I suppose I have to file it again with only my TDS and pay the extra tax. As I did not file her return last year I cannot ask for refund but should do so this year and ask refund since all TDS is being shown as her TDS but income is being shown under my name. Right ? Ramesh Suri IIT Delhi Sent from my iPhone On 14-Jul-2013, at 11:31 PM, Uttam Kumar wrote: > > > If you are having problems viewing this email, Click here. > > Uttam Kumar (Tax Return Preparer (TRP) CBDT Trained) > Uttam Kumar (Tax Return Preparer (TRP) CBDT Trained) commented on the post > Uttam wrote: "Sameer...the 80TTA exemption is apart from the cap of 1L (not included). Rameshji..... Your wife needs to file ITR1 and claim refund if no other income. Under joint FD, it has to be seen who has paid how much to the final amount of new FD. If the TDS has been split as per the income proportion, individual liability rests on each. If all icome is shown for the title holder, you can split and maintain a book of accounts and show accordingly " > View/Comment Reply to this email to post a comment. > This email was sent to rksuri16@yahoo.com. If you don't want to receive emails from LocalCircles in future, please Unsubscribe. > LocalCircles, Inc., 1556 Halford Ave., Suite 290, Santa Clara, CA USA 95051. > LocalCircles India Pvt. Ltd., 1105, 11th Floor, Advant Navis Business Park, Sector-142, Noida, India, 201301. Privacy Policy.
Jul 15
