Tax on FD returns

Arun 1
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Dear Mr. Pankaj, I come under 20% tax bracket as per my salary, and TDS has already been deducted by my employer. During Apr 2011 to Mar 2012, my savings bank account show TDS deduction @ 10% against interest earned on Fixed Deposit (FD). Now do I need to pay 10% more TDS to IT dept, since I come under 20% tax bracket? What should I do while filling ITR year. If I do need to pay TDS, will IT dept charge any late fee?

Awaiting your advise.

Thanks Arun

late-tax-payment fixed-deposit tax-deduction income-tax-return tds income-tax
1 Answers

You would need to pay the remaining amount of tax payable directly to income tax department as self assessment tax.

This amount should be paid before filing income tax return. If amount pending is less than Rs 10,000 then there would not be any penalty for late payment. Else interest penalty may be charged u/s 234B and 234C.

Pankaj Batra5212
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