I have form 16, now I wanted to calculate tax for bank intrest income. How can I caluculate this?



I got form 16 from my current employer however Income accrue from bank interest is not mentioned. I wanted to pay self assesment tax for bank interest. How can I arrive at the Total Tax liability given the fact that I already have TDS certificate so I would not like to caluculate over all tax using tools where u have to mention salary details and interest

I have form 16, now I wanted to calculate tax for bank intrest income. How can I caluculate this?
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3 Replies to “I have form 16, now I wanted to calculate tax for bank intrest income. How can I caluculate this?”

  1. This can be done in following way.
    Prepare a statement showing your total income including income from salary and bank interest.
    Give deduction under section 80 C etc from total of above two income.
    Resulting amount will be total taxable income.
    Reduce tax deducted from salary and bank interest as per Form 16 or 16A
    Remaining amount is amount payable as self assessment tax.
    Deposit this tax.
    File ITR 2 accordingly.


  2. tax should be calculated on total income earned by you even though t.d.s have been deducted . As, t.d.s on interest earned by you is deducted, you are liable to pay tax on salary itself i.e. any excess tax calculation after deducting t.d.s by your employer


  3. If you are in the 10% slab then you need not pay any additional tax as bank has already deducted 10.3% TDS.

    If you are in the 20% slab then you need to pay additional 10.3% tax.

    If you are in the 30% slab then you need to pay additional 20.6% tax.

    HMT





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