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e-filing of ITR-1 with refund claim and percentage of tax with TDS other than salries

Last post 06-24-2011 2:43 AM by biswars. 2 replies.
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  • 06-24-2011 12:15 AM

    • biswars
    • Top 500 Contributor
    • Joined on 06-24-2011
    • Posts 3
    • Points 30

    e-filing of ITR-1 with refund claim and percentage of tax with TDS other than salries

    Hi, I am coming under HUF category of tax payer and filing ITR-1 as salaried employee. Have 2 queries: Query 1: I need to file ITR-1 online with refund claim. Please let me know if I opt for e-filing with digital signature how can I send the proof of investment (not considered in form-16 from my employer) to the IT dept. Query 2: I have done some short term investment through my SB account. The interest from it for the last FY is more than 10,000 rupees and 10% of tax was deducted on it. Also I have the TDS from my bank. My query is if I show this in the ITR-1 then should it be 10% or 20% deduction (am paying 20% of tax for this assessment year)
    • Post Points: 20
  • 06-24-2011 1:07 AM In reply to

    Re: e-filing of ITR-1 with refund claim and percentage of tax with TDS other than salries

    @Biswars: HUF tax payer with salary, you need to choose ITR-2. For online filing, no hard copy of (any kind of proof) needs to be submitted along with the Return of Income. However, do keep the documents handy in case you are required to produce it.

    Regarding query-2: There will be no TDS on bank savings account. Bank will issue form 16A for TDS on term deposits 
    ; TDS rate will be 10.3% irrespective of your income tax slab.

    • Post Points: 20
  • 06-24-2011 2:43 AM In reply to

    • biswars
    • Top 500 Contributor
    • Joined on 06-24-2011
    • Posts 3
    • Points 30

    Re: e-filing of ITR-1 with refund claim and percentage of tax with TDS other than salries

     Thanks for the reply. Would like to clarify on both of the above queries.

    Query 1: Yeah its ITR-2. Sorry for mentioning incorrect form in my query. Here since I will be filing with REFUND, definitely I would need to produce the proof as am showing investment more on top of what is mentioned in the Form 16 given by my empoyer. Please let me know whether proof is still not mandatory.

     Query 2: Yeah agreed TDS rate is 10.3% irrespective of my income tax slab. But since am falling into a different tax slab, do I need to abide by that and need to pay tax according to that ? If that is the case then I need to pay more tax for the interest that I got from the SB account. Please clarify.

    • Post Points: 5
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