shiv pal patel (assistant engineer) 18 April 2011

Tax on fixed deposite interest

dear sir,

i have a fix deposite of 2 lacs in sbi from sep.-2007 for 4 years and i have not submitted pan no. in sbi branch.because that time i have not any idea in tax on interest of fd. In 2008-2009 bank dedeuc 10% tax on fix deposite interest (about rupees 2270). In 2008-2009 i was not a tax payers but i file IT return but i not show fd interest and 20% tax dedect in 2010-2011 (about rupees 4500) and in ihis time i am in the 10% tax slab. so my question is getting refund if i again filing it return for 2008-2009 and also 10% excess amount in 2010-2011.plz reply me.

thanks and regards

shiv pal patel

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3 Replies

(Guest)

Yes if your income do not exceed the taxable limit you can file a tax return and claim refund of the tax that was deducted.

In case you do not submit the PAN no details to the bank or any other deductor so he is liable to deduct TDS at double rate that happened in your case @20%.

In case your Income do not exceed the taxable limit you can simply fill form 15G/15H ( depends if you are or not a senior citizen) and submit the same to the bank where you hold the fixed deposits and the bank would not deduct any TDS for that financial year. The correct time to submit it is April so fill and submit the 15G/15H form with your bank.

And file your IT returns for previous years and claim refund.

nitish joshi (Finance & tax Consultant) 21 April 2011

The provision for the last date of filling the Belated income tax return says the "END OF ONE YEAR AFTER THE RELEVENT ASSESSMENT YEAR". Year 2008-09 means assessment year 2009-10.Therefore the last date of filling IT return of year 2008-09 is 31/03/2011.after this date you can not file the return of year 2008-09.