I am having FD for which the bank has already deducted 10% TDS. My tax slab is 10% itself, which means that I am not supposed to pay anything more. Hence, at the time of IT filing, I didn't mention anything about FD. Is it right? Or am I supposed to mention the interest and the TDS paid? If yes, then please tell me how to go about it as I have already done IT filing.
1 Answers
You don't have to pay more tax on bank interest but same has to be declared in income tax return.
Show income from bank interest under section income from other sources and TDS deducted by bank, under TDS section (as per details in Form 16A issued by bank).
In case you already filed return, you will have to file a revised return.
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