Hi

i have been in a high income bracket for the last 5 years. I have never filed my taxes as i was not aware of the same.

 But now i have realised the need to do so. how do i go about it. Since i am salaried i have my form 16s. i was assuming that i have no tax liabilities. but now when i showed my form 16 to one of my friends he told there was 1 issue. in 2007-2008 i had changed my job. in that year my tax was deducted by my employer as per norms. but my second employer deducted tax only as per my income for 3 months i was working in my second company.

also for my fixed deposits and mutual funds are the taxes deducted at source or i have to pa taxes seperately.

kindly suggest.

regds

Sonu

 @sonuabhinandan: TDS is deducted by employer for the period you are employed with him. Regarding your second queryon TDS on band deposits, your bank will deduct the same if the interest income earned on each deposit is > Rs 5000 pa on each deposit and issue Form 16A to that effect. However, when you are filing your returns, you need to provide details of such interest earned on the deposits under income from other sources.

 TDS Exemption limit on bank deposit is Rs 10,000 p.a. and for non-bank deposit is Rs 5,000 p.a.