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Is any additional income tax is required to be paid even after deduction of TDS by bank?


Date: 28 Mar 2016    Group: Lawyers    Category: Indian Law   

I am a pensioner and TDS is deducted by the paying bank before disbursal of my pension. Also TDS is deducted by the bank before disbursement of accrued interest on my deposits in the bank. I have no other source of income. Am I still required to pay any additional income tax?
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Author: Kailash Kumar    31 Mar 2016      Member Level: Platinum     Points : 3  (Rs 3)    Voting Score: 0

Banks deduct TDS @ 10% only. In case an individual is having more than one term deposit in various banks or even in different branches of the same bank, then in certain cases the total interest income is likely to fall within the income slab in which deduction of income tax @ 20% or even 30% may be applicable. In such cases the individual is required to declare his/her total income from all sources and compute the income tax accordingly. In case any balance amount over and above the amount already deducted as TDS is payable, the same should be paid in a bank through applicable income tax challan. Nowadays many banks are offering services of deposition of income tax online also.




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