Paymnet of income tax

surjit singh (Querist) 09 December 2012 This query is : Resolved
A person who get his salary from government, his salary is within the exempted limit. Apart from that he has invested some amount in share market. From the share market also after investigating about 1,50,000/- he has got about 10,000/- in a year. If his salary and this 10 thousand is taken together then also he does not come under the taxable limit.

But he has got fixed deposits in the nationalised bank from where he is getting interest of 40,0000/- in a year. On this FD interest the bank is deducting 10% as TDS.
Now my question is whether the person should have to file income tax on the income from the share market.

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Raj Kumar Makkad (Expert) 09 December 2012
Such person is definitely required to file his IT return and claim even refund some of his TDS as per exact calculation.

surjit singh (Querist) 13 December 2012
Now since for the last several years the TDS of 10% has been deducted by the bank is it possible to get refund now for the last 10 years.

Raj Kumar Makkad (Expert) 13 December 2012
No. You can claim only for last 2 years.

ajay sethi (Expert) 13 December 2012
you ought to have filed your income tax retrus and claimed refund . now you wont get it for 10 years .

Raj Kumar Makkad (Expert) 13 December 2012
One can file income tax return for the current year with returns of last 2 years only.

Guest (Expert) 10 December 2014
Well Advised

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