• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

ITR filing last date extended from July 31, 2025, for FY 2024-25 to 15 September 2025

  • Thread starter Thread starter SSV
  • Start date Start date
  • Replies Replies 100
  • Views Views 2K
  • Tags Tags
    itr
Apply For Lifetime Free IDFC First Credit Card
CyberPsych said:
First time e-filing ITR. Salaried person, so ITR-1. I claim broadband expenses from my company, that money is directly credited to bank account and no pay slip is available. This is not a part of AIS or Form 16 also. I can add these as "income from other sources" but what proof to submit and where? This is clearly a taxable income so I recognize I should add this, but what if I miss to enter any income like debit/credit card cashback or other sort of cashbacks, will I receive IT notice? My one bank's statement is of 57 pages, even if I export as excel, do I need to filter out and check all possible incomes to file it?
Click to expand...
You won't be taxed for broadband bill reimbursement.

Under section 10 rule 3(7)(ix) of IT Act, you can put that in exempt category. No proof needed. But keep the bills in case department ever asks for proofs. 🙂
 
Apply For LTF IndusInd Bajaj Tiger Credit Card
brightknight said:
isn't there a TDS deduction only if interest is above 40k? per bank
Click to expand...
From this FY25-26, it is 50K for regular account holder/term depostiors and 1 Lakh for senior citizens above 60 yrs of age.

It is per bank and TDS is only on Term Deposits not savings interest.

Ex: Your age 30.

1. Total estimated Interest from SBI: 49500 = No TDS.

2. ICICI Bank. TI: Rs.55000. They will deduct TDS @10%. So Rs.5500.

But in case your total interest income is below 2.5L and also your gross taxable income is below 5L, you can fill form 15G between April 1 - June 15 and TDS wont be deducted. Form 15G has to be submitted every FY and in all the banks separately. Form 15G is applied to Cust ID. Future FD will also have no TDS deduction.

So always fill form 15G in April itself if income is not taxable.
 
Apply For LTF Scepia Credit Card
Guddi said:
No, if you have not filed Form 15G/H, 10% is deducted by default
Click to expand...
You are wrong. Till 40K until March 31st, 2025, no TDS was applicable. From April 1, 2025 it is now 50K. Read post above to understand.

If your total FD interest in one bank (across all FDs held in that bank) is below 50K no TDS will be deducted. It is rule since very long. Only above 40K/50K banks are obliged to deducts.
 
desiviru said:
Advance Tax is not product based thing. If your net tax liability in a FY is more than 10K, you must pay advance tax.

But from FY25-26, income upto 12L and for salaried 12.75L will have zero/Nil tax. So no, you don't need to pay advance tax.

But if your income from all sources including savings/deposit interest will fall above 12L/12.75L, pay advance tax accordingly.

Till June 15: 15% of total tax liability.
Sep 15: 45% of total tax liability
Dec 15: 75% of TTL
Mar 15: 100% of TTL.

Mostly banks dedudct 10% TDS on FDs if Form 15G/H is not filled. So that TDS covers it and act as an advance tax also. 🙂
Click to expand...

And, Seniors n Super Seniors are exempt from paying Advance Tax.
 
desiviru said:
You are wrong. Till 40K until March 31st, 2025, no TDS was applicable. From April 1, 2025 it is now 50K. Read post above to understand.

If your total FD interest in one bank (across all FDs held in that bank) is below 50K no TDS will be deducted. It is rule since very long. Only above 40K/50K banks are obliged to deducts.
Click to expand...
looks like i am now coming to realisation that i should break the FDs to direct that amount in the Arbitrage fund.
 
CyberPsych said:
Okay. In case if company doesn't povide any bills/proof for that, is the bank statement enough as proof?
Click to expand...
I was talking of broadband bill. You need to have bills of same amount as you claimed and credited in your bank account. Mostly companies reimburse once you submit bills to them.

So keep digital copies of your broadband bills you are claiming. 🙂 Nothing to worry much. In most cases IT department won't bug you to produce bills until unless they are in Lakhs.
 
desiviru said:
I was talking of broadband bill. You need to have bills of same amount as you claimed and credited in your bank account. Mostly companies reimburse once you submit bills to them.

So keep digital copies of your broadband bills you are claiming. 🙂 Nothing to worry much. In most cases IT department won't bug you to produce bills until unless they are in Lakhs.
Click to expand...
Okay, thanks. My broadband bill is 767 and company has reimbursement upper limit of 650 for certain level of employees. So, no bills. That's why I asked if bank staement is enough 😅
 
desiviru said:
Advance Tax is not product based thing. If your net tax liability in a FY is more than 10K, you must pay advance tax.

But from FY25-26, income upto 12L and for salaried 12.75L will have zero/Nil tax. So no, you don't need to pay advance tax.

But if your income from all sources including savings/deposit interest will fall above 12L/12.75L, pay advance tax accordingly.

Till June 15: 15% of total tax liability.
Sep 15: 45% of total tax liability
Dec 15: 75% of TTL
Mar 15: 100% of TTL.

Mostly banks dedudct 10% TDS on FDs if Form 15G/H is not filled. So that TDS covers it and act as an advance tax also. 🙂
Click to expand...
so we need see to when interest given by fds and saving account credtired in account and then calcualte tax liabiility and then fine/interest?
 
navdeep22 said:
so we need see to when interest given by fds and saving account credtired in account and then calcualte tax liabiility and then fine/interest?
Click to expand...
Every bank provides you table where they show interest that will be credited to FDs from April 1 to March 31st. If FD is having short term then also you already know it.

I have already mentioned you don't need to worry about savings interest. Advance tax is paid on estimated income for whole FY.

Suppose Salary= Rs.10L-75000

Interest Income you are expecting = Rs. 4L.

Total- 1325000.

Now you know your tax liability will be Rs.105000+4% Cess = 109200.

By June 15, you need to pay 15% of 109200 which is Rs.16380.

By Sep 15, 45% of 109200 i.e 49140.

As 16380 already paid, pay 49140-16380 by Sep 15.

If you booking any profits between those periods from crypto or stock market add that to income and calculate accordingly.

If you dont pay then interest/penalty of late payment u/s 234(b) and 234(c) will be levied which calcualtes automatically from tax liability.

Now suppose in above example instead of 16380, you paid Rs.15000 only. Then 1380 interest will calculate. 🙂
 
desiviru said:
Every bank provides you table where they show interest that will be credited to FDs from April 1 to March 31st. If FD is having short term then also you already know it.

I have already mentioned you don't need to worry about savings interest. Advance tax is paid on estimated income for whole FY.

Suppose Salary= Rs.10L-75000

Interest Income you are expecting = Rs. 4L.

Total- 1325000.

Now you know your tax liability will be Rs.105000+4% Cess = 109200.

By June 15, you need to pay 15% of 109200 which is Rs.16380.
in
By Sep 15, 45% of 109200 i.e 49140.

As 16380 already paid, pay 49140-16380 by Sep 15.

If you booking any profits between those periods from crypto or stock market add that to income and calculate accordingly.

If you dont pay then interest/penalty of late payment u/s 234(b) and 234(c) will be levied which calcualtes automatically from tax liability.

Now suppose in above example instead of 16380, you paid Rs.15000 only. Then 1380 interest will calculate. 🙂
Click to expand...
i understand now, but i am not sure how this is going to work in my case, around 30% of my salary is credit at year end i.e. march 2025 in this case, so my company paid tax on that amount in last quater , so this case will always fail in my case? ill always have to pay interest or panelty
 
navdeep22 said:
i understand now, but i am not sure how this is going to work in my case, around 30% of my salary is credit at year end i.e. march 2025 in this case, so my company paid tax on that amount in last quater , so this case will always fail in my case? ill always have to pay interest or panelty
Click to expand...
I am sorry but you are failing to understand basic of it. It doesn't matter when you get salary.

If someone has salary of Rs.50K/month then esitmated salary is 6L. It doesn't matter if it is yet to paid. By June 15 that person will calcuate estimated tax payment on 6L salary and pay 15% of tax liability. Other estimated income like FD interest is already available on ledger balance on FDs on April 1 itself. If you had income arisen in between, that can be paid later by Sep 15 or Dec 15 or Mar 15.

Most companies/employers don't deduct TDS till Dec or even Jan next year. Then they deduct from Feb/March salary all at once.

In 26AS date of deduction/payment of TDS is already there and system calculates it from there automatically whether there was a need to advance payment or not.

Here you have not to worry when TDS is deducting or how much is deposited. You just need to see if 15%/45%/75%/100% is paid or not if your tax liability till March 31st is more than what already deposited.
 
You must log in or register to reply here.
Back
Top