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Tuesday, May 7, 2019

No TDS on bank FD interest income up to Rs 40,000

I want to invest in bank fixed deposits. The amount will earn interest of Rs 30,000 in three years. Will TDS be deducted by the bank?
– P Gupta
A person shall not be required to file income-tax return (ITR) if the income earned during the year is below the basic exemption limit. However, ITR may be required in order to claim refund of TDS deducted, if any, if income is below the basic exemption limit. In such a scenario, TDS can be avoided by filing a self-declaration in Form 15G with the bank stating that estimated total income during the year including the interest would be below the basic exemption limit and hence no TDS should be deducted. Further, the Interim Budget 2019 increased the limit prescribed for deduction of TDS on interest from Rs 10,000 to Rs 40,000. Thus, in case the interest earned by you on FD falls within the limit of Rs 40,000, no TDS would be deducted and consequently, you would not be required to file ITR. TDS on interest gets deducted on the accrual of interest and not just at maturity of the FD.
My son has an Non Resident Ordinary account and uses a part of the account money to meet his travel and shopping expenses when he comes to India. The balance funds are used by me and my wife to meet our living expenses. How will the amounts received from our son be treated by income tax authorities?
—Dilip Rajagopal
Any sum of money received from relatives is fully exempt from income tax without any limit. Money received from non-resident relatives shall be treated as gifts from relatives and shall be exempt from tax. However, you have to disclose your exempt gift income under the head ‘exempted income’ in ITR whereas your wife shall not be required to file ITR.
I sold my joint property on September 2, 2018 and was supposed to buy 54EC bonds before March this year. I issued cheque to HDFC for 54EC-REC bond on March 28, but sale representative forgot to upload documents. What should I do?
—Vikas Khemka
Capital gains under section 54EC are exempt from income tax if it is invested in long-term specified asset (including REC bonds) within a period of six months from the date of transfer of long-term capital asset. Amount invested after six months from the date of transfer of capital asset shall not qualify for exemption of capital gains and such amount shall be taxable as income under the head ‘capital gains’.

1 comment:

Madonaldo said...

My wife and I separated Last year September, I will agree I wasn't true to myself and her. But i did all I could let her have a good life I did put all my energy into our little family as we have 2 beautiful kids.because I worked As a waiter she didn't really like that for a career, she thought i didn't want to do well in my life. last year as the harsh finance situation hit as we've been suffering with our finance for a while she decided to end our marriage. which i was very devastated!! to lose the love of my life, but a month after separation i went to France for 10days to clear my head. when i got back she wanted me back but she didn't want romantic side of it a month after xmas she told me again that she cant do it anymore as our finance was at lowest. then we made a decision to end it to sort our lives out...but my prayer everyday for her to realize that i am not a loser all i wanted is to do what i could to put food on the table and roof over their head. since the second separation i am qualified football coach and fitness instructor and doing more toward my career but I don't want to get into a relationship with another woman when my wife and I suffered all of this years when my career takes of shes not there to enjoy it with me..I really want her back in my life so i contacted this spell caster Dr Abalaka who now help me to bring her back, we now have a happy family together with my wife. If you want his help you reach him via email at dr.abalaka@outlook.com you are well come!

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