Employee may have other income apart from salary income like Interest Income on Savings and FD,Rental Income etc

  If Employee provides detail of same to Company, Company will take this into account while calculating TDS

If details not provided to company, company will not take them into account while calculating TDS

At the time of filing ITR (Income tax Return),Company has to pay Income tax on it as shown below

 

 Example 1

Suppose a person has Salary income of 30000 per month. He has also Interest Income of FD of 8000

What will be TDS deducted by company if

Case 1

He Informs Company about his Interest Income

Case 2

He does not Inform Company about his Interest Income

View Answer


Example 1 continued

What is Income Tax payable by him at the time of filing ITR in both cases

View Answer
  1. Practical Income Tax
  2. Income Tax for Salaried Employees
Ask Download

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .