Hi...my income is 15k per month.I want to invest 2 lakhs in such a way that I can earn good returns.My income is below taxable limit.Kindly guide me how to invest 2 lakh to get gud return and tax can be avoided.
It is indeed height of immaturity to say how to avoid TDS. Man, if you dont pay advance tax then you land up paying ful amount before the year ends (31st March) or penal interest if paid later. So saving TDS or paying penal interest on delayed tax deposition - which one do you prefer is your own choice. Next - articles and thought processes suggesting tax avoidance has culminated into GAAR being found - it has started with foreign shores and slowly will engulf the DTA (Domestic Tarrif Area i.e. Indians tax payers on Indian soil. Arcticles could have benefitted all of us if it would have laid down the pros & cons of FD's vs Cumulative Deposits vs Flexi deposits etc? Precious time wasted!
The article says to avoid TDS. If the FDs are split in multiple banks so that interest is less than 10000, there would not be TDS. However tax is to be paid since PAN no. is to be given with FDs and the amount is compiled and known to IT people.
Rediff is giving wrong information. Even if you have multiple FDs and all FDs aggregate tax earned is more than 10,000 then you need to pay tax , it does not matter even individula FD tax is less that 10,000.
Re: Re: Wrong Information
by Dude on May 10, 2012 06:34 PM
Right now they do not have any tracking system but banks may implement in future through IT for integrating all bank information including private banks but it is advised to manage FD in different banks with proper paper work....
Re: Wrong Information
by Savio Figueiredo on May 12, 2012 08:50 AM
You are right. Rediff is allowing the author to give bad advice which is illegal and against the interest of the nation. I am forwarding this article to the Income Tax dept
Is deducting tax on mere Rs.10000 i.e. too on pro rata basis during the year justified, it clearly shows the malafide intention of FM, who considers every citizen as thief and looting crores of rupees from poor who do not come in tax net. Everyone does not know the law, banks etc., are not particular to inform depositor to give form 15G or 15H.
