Income Tax - T D S
Section 208 of Income Tax Act., gives relief from payment of advance tax to a Senior Citizen, not having any income from business or profession, then how to direct the Deductor / Bank authorities not to deduct TDS from income.
If Deducter fails to credit the tax deducted as TDS to the Government, what is our position. more
If Deducter fails to credit the tax deducted as TDS to the Government, what is our position. more
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IF YOUR INCOME IS ABOVE EXEMPTION LIMIT , YOU CAN NOT SUBMIT FORM 15 G/H TO BANK. HOWEVER YOU MAY CLAIM REFUND OF EXCESS TAX IF ANY BY FILING YOUR RETURN. more
Oct 21
Sr.citizens non taxable income limit as per the latest IT amendment is Rs.3,00,000/- for which no return need be submitted. for FD interest exceeding Rs. 10,000/-is subject to tax but in such cases the depositor may give declaration to the bank in the prescribed form that the total income for the year do not exceed in all sources Rs 3L and hence not to deduct any IT of FD. Even still the IT official insisting or deducting any such IT you may get it in writing. more
Oct 14
When you are a senior citizen and paying income tax you are not liable to pay advance tax but you are not exempted from TDS. Your income from Pension or Fixed Deposits or other investments which are taxable would be subject to TDS. The relief given to you from depositing advance tax if payable in addition to the TDS. Provisions for deduction of tax at source are Governed by other sections and there is no exemption to senior citizens with taxable income. more
Oct 14
