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Answer: Bank deducts TDS if following conditions are met:- (w.e.f 01/04/2019)
1. We should have interest on fixed deposit,
2. interest on saving bank is not subject to TDS.
3. Interest on FD should be more than 40000. (In case of senior citizen this limit is 50000)
4. This limit of FD interest of 40000 is in a financial year (Apr-Mar)
5. This limit of FD interest of 40000 is bank wise not branch wise,
Means in case of non-senior citizen we should have more than 40000 FD interest in a bank including all branches in a financial year. Then bank will deduct TDS on FD interest @10%
Also bank will deduct TDS on entire amount when it exceeds 40000 for example, if we have FD interest of 35000 in a year in a bank, bank will not deduct any TDS.
But if we have interest of 55000 in a year in a bank , the bank will deduct TDS on FD interest of entire 55000 @10% i.e. 5500.
Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 880
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
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