Comment posted on Income tax calculator for India by Pankaj Batra
@Vikas
Bank may have only deposited TDS in May but Interest may have accrued in March itself. Its standard practice to pay TDS by May for previous financial year.
Bank should have already shown this accrued interest in your bank/fixed deposit statements.
You should check form 26AS and check, in which assessment year the interest has been reported. If its AY 2012-13, then you will have to pay additional penalty u/s 234B.
Pankaj Batra also commented
- @Brijesh
Nothing else needs to be sent. - @Goud
Please download excel income tax calculator and compute taxes by putting in monthly income figures. - @Vikram
In case you are working as an consultant and not an employee, company would only deduct 10% TDS on payments.
You will have to file income tax return as income from business/profession. You can deduct all business expenses from income and then pay taxes as per slab rates only on net income. - @John
You should compute your income tax using calculator provided on this page. - @Vikas
1. In case of NRIs, TDS is deducted at 30% rate on whole interest income by banks. There is no basic exemption for TDS. Even if 10 Rs is given as interest, 30% would be deducted as tax. As you are living in India for past two years, you can get your resident status updated with bank as resident Indian.
2. Employer may have deducted taxes as per slab rates. After basic non-taxable exemption (of Rs 2 lakh) and various slabs, effective tax may have been 17%. You would need to compute total income tax for year considering all incomes (interest etc) and see if there is any pending tax liability. You may download income tax calculator and compute taxes yourself.
3. Apart from salary slips, you may also need Form-16 from employer for file income tax return.
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@Ram
Basic exemption is Rs 2 lakhs only. For income below Rs 5 lakh, there is a credit of Rs 2000 available, so net tax is reduced by Rs 2,000.
Ok… Thanks a lot sir…