1)It proves that you are obedient. 2)It proves that you don’t know the value of your hard earned money. 3)It proves that you can not do the under table transactions. 4)It proves that you are filing taxes cause Govt. forcing you. 5)It proves that you don’t know where your money will go 6)It proves that you are born as middle class & will die as middle class.
My Annual income is Rs.2.64,000.I am a salaried person.In the amount I need to pay house rent,insurance Premium,education fee for my children.That will come around Rs.100000.Should I file IT writens.
Re: Should I File IT
by navindian on Jul 12, 2011 02:43 PM
All hardworkers in india need to pay income tax. Black Money people and Govt beneficiaries(lazy people) are exempted.
Re: Re: Should I File IT
by Anjali Aswal on Jul 12, 2011 04:06 PM
according to new rule you need not to file return if your employer has deducted tax on your salary income. But if he has not deducted tax you have to file return as your income before deduction under section 80C is more than maximum amount not chargable to tax i.e. 160000/-
In case, I have Savings Bank A/c in four different Banks and interest accrued is Rs.4000/- from each A/c totalling to Rs.16,000/-. In addition interest on Fixed Deposits accrued is Rs.5,000/- from each Bank. No bank will deduct any Income tax as in no bank the total interest exceeded Rs.10,000/-. So,in such case, shall I have to add these income (through interest) to my salary while submitting my IT Return? Please clarify my doubt.
Re: Whether tax is to be paid for interest on Savings Bank Accoun
by PSDOBAL on Jul 12, 2011 02:04 PM
Yes, you do need to add this to your income. Banks will deduct TDS only if the total interest earned exceeds Rs 10000/-.
Re: Whether tax is to be paid for interest on Savings Bank Accoun
by P D on Jul 12, 2011 01:22 PM
Bank deduct tax for the interest from FD but not for the interest from saving account. So you need to declare total interest earned from all the banks and this income will be added to your salary income. After then your extra tax liability will be calculated and you need to pay these extra tax before filing the tax return. Also bank deduct tax on FD only at 10% and so after adding all these income if you come under higher tax bracket then you need to pay extra tax.
Re: Whether tax is to be paid for interest on Savings Bank Accoun
by jitendra khalpada on Jul 12, 2011 01:24 PM
Of course you will have to add as Tax is payable on income irrespective the payee has deducted TDS or not.
If the payee has for any reason failed to deduct tax doesn't mean that income is not liable for Tax.
Re: Whether tax is to be paid for interest on Savings Bank Accoun
by Rajesh Modi on Jul 12, 2011 01:59 PM
Builder, Realtor Arrested For Duping Investor Two builders and a property dealer were arrested for duping an NGO activist of Rs 45 lakh on the pretext of selling him a house in south Delhi’s Safdarjung enclave area. The accused, who had considered the client incapable of generating the money, decided to con him and sold the same property to another client for Rs 70 lakh, officials said. topics.dallasnews, 2nd July 2011
