Tax liability on interest from Savings Account

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 more  

View all 15 comments Below 15 comments
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: Please send an SMS on the first Indian mobile number to contact >________________________________ > From: Uttam Kumar >To: >Sent: Monday, 15 July 2013 12:07 PM >Subject: Commented on "Tax liability on interest..." in [All about Income tax in D] > > > > more  
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. more  
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: Please send an SMS on the first Indian mobile number to contact >________________________________ > From: Uttam Kumar >To: >Sent: Monday, 15 July 2013 8:09 AM >Subject: Commented on "Tax liability on interest..." in [All about Income tax in D] > > > > more  
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. more  
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 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. more  
Post a Comment

Related Posts

    • Unfair practice by IT Deptt,

      I had filed my income tax return for the assessment year 2021-22 under section 139(1) i.e., filed on or before the due date, and claimed the refund of Rs. 5000 plus. The same was acknowledged by th...

      By Indu Bhushan Bhargava
    • Income Tax Refund Delay

      I am a senior citizen and filed my return on the 18th Oct but till date (23rd Dec) I have not recd my refund. I have called their Helpline no also many times. They say they will lodge my complaint ...

      By Neeru Sood
    • Senior Citizens retirement plans going for a toss

      For bank fixed deposits in India: 2016: 9.3% interest 2019: 8% interest 2021: 5.5% interest Senior citizens retirement plans must be under water unless they did enough ...

      By Aditi Jain
    • New Income Tax Portal System

      God news. A lot of time has been vested. In the Court, it may be advised that any future such new thing must be tested in all respect and by all stakeholders, before the due date I.e. 31/03 in this...

      By Hasmukh Sangani
    • Why income details must be given to broker

      Always wondered, why does an investor have to fill in income details with the broker? I buy shares if I have money. I do not need to have an income. And PAN number is a must. So why do you add this...

      By Aditi Jain
    • Bad news for small savers

      There won't be any cut in interest rate of Small savings schemes . Yesterday's decision to lower the interest rate is REVERSED

      By Jayanti Natarajan
    • Bad news for small savers

      Rates on small savings schemes reduced by 50-90 basis points. PPF in April-June quarter to earn you only 6.4% interest against 7.1% earlier. Senior Citizens Savings Scheme to earn on 6.5% now compa...

      By Vikram Gupta
    • Secured earning for Senior Citizens

      I raised this point on earlier occasions also. No relief seen in any budget. I made a suggestion as follows: There are some schemes exclusively for the benefit of Senior Citizens like Se...

      By SN Sitaram
    • Rounding off the amount in Bills

      Request guidance as to which is the appropriate circle & authority to whom i can complain regarding the below mentioned issue: Lately with many of my relatives and friends staying in Gurga...

      By Manas Hazarika
    • Great news for seniors

      Senior Citizens (above 75 years) who get pension and interest income only are exempted from filing returns

      By Azam Yusuf
    • The Govt salutes honest and compliant tax payers

      Recently our CBDT isued a press release saying it cannot punish compliant and honest tax payer by extending various due dates for the assessee who are dishonest, lazy and non compliant and our secu...

Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)