Income tax filing

pratyu (Querist) 29 January 2017 This query is : Resolved
sir
i receive money from transfered by my son working in usa into my bank account in india.
i dont have any other source of income.
i dont use all the money he sends so from that money i made fixed deposit of 35 lacks in my name in the same bank.i have given pan number and adhaar card as well in the bank.
but i have been frequently asked by some bank employees to file fpr tax returns and some say that tax will be deducted from interest on the fdrs so it isnt necessary to file tax returns.
please kindly inform me if i have to file income tax returns as i am receiving interet on fdrs,
if so i want to know why they are deducting tax on interest as i submitted pan number,
will i be paying doble tax if i file for ITreturns.
thank you

Follow Query

Report Abuse

Guest (Expert) 29 January 2017
Mr. Pratyu,

Being still a student (as per your profile), do you also have an earning son working in USA, remitting you money?

Ms.Usha Kapoor (Expert) 30 January 2017
Kindly answer the query put by Dhingra Ji.

Rajendra K Goyal (Expert) 30 January 2017
Interest on FD in India is taxable.

Bank deduct TDS @ 10% on interest earned if PAN is given in the account, 20% if no PAN given in the account.

TDS deduction is no alternate to return filing, it has to be filed if income is in taxable break.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now