1. Heads of income
The Income Tax section comes with five headings of revenue for the profit tax report:
- It comes from labour
- It comes from the property of the house
- Effective income / loss
- Business and Occupation comes
- It comes from other sources
- Revenues from other sources include revenues that fall from one of the other sources of income.
2. Savings Bank Report – Interest Income
- Interest earned on your Savings Bank account must be declared on tax returns from other sources. It should be noted that the bank does not withdraw from the TDS due to the Savings Bank’s interests.
- The interest rates on fixed deposits and recurring deposits are taxable, interest from the savings bank account and postal mail is taxable. However, they are shown under other sources.
- Interest from a savings bank account or fixed deposit or postage is indicated under this heading.
3. Removal of interest income under Section 80TTA
Individual (age 60 or less) or HUF is exempt from the interest tax up to Rs 10,000 for the fiscal year. Interest income is taxable as follows:
- savings account with the bank;
- savings account with a cooperative society that carries out banking operations; or
- Savings account with the post office
- Older citizens do not have the right to benefit from the 80TTA section.
4. Fixed Deposits Tax
Fixed Deposits you receive are added together with other earnings such as interest, salary, or earnings, and you need to pay a tax on this income with a rate of tax applicable to you. TDS is deducted from interest income when earned, although it may not be paid.
5. Pull TDS on Fixed Deposits
- Taxes from banks should be deducted from deposits in all bank branches when interest income exceeds Rs.10,000 per year. 10% TDS is deducted if the PAN details are available. 20% of the Bank’s PAN details are missing.
- Fixed Deposits TDS details are in the 26AS Form.
- Avoid tax deductions from a fixed deposit, which requires your bank to exit any TDS below your total income tax lower than 15G and Form 15H.
6. Fixed Deposits and Tax Returns Tax Report
Fixed Deposits Report
If you have three FDs, add all the interest income and enter “Other Interest Income”.
7. Recurring deposit report
From June 2015, interest income on recurring deposits from all branches of the bank will be deducted from 10% on interest earnings, if more than Rs.10,000 in one fiscal year. Interest earned should be derived from other sources.
8. Perfect coming
The PPF and EPF amount deducted after deductions should be exempt from taxes and should be declared as free income without any gain from other sources.
- It should be noted that AMF is only a tax after five years of service.
9. Labour pensions
If you collect a pension on behalf of the deceased, you need to show these revenues from other sources. One-third of family pension or one-third of the family’s retirement pensions are deducted from the income of Family Pension. It will be added to the income of the taxpayer and be taxable at a taxable rate.
10. Taxation of Lottery, Game Shows, Puzzles
If you take money from winning a lottery, Online / TV game shows and so on. Other sources under other sources will be subject to income tax. Profit tax will be taxed at a rate of 30%, and 30.9%
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