500 comments in last 48 hours – Delay in responses to comments

Dear Readers,

There are very high number of comments being posted by readers in the last 15 days. While I responded to evey comment upto 15-Jul-13 – 5pm, in the last 48 hours there are more than 500 comments. Since I don't have bandwidth, I would be clearing them in the next 4-5 days. Please bear with me on this. 




  • I S

    My father receives salary from pension, he gets some commission under section 194H from LIC etc and interest under section 194A. Income under 194A if less than 10,000 then is it exepmted from tax? should i write 10.000 under 80 TTA and then claim some relief?

    • Interest received in SB Account upto Rs 10,000 is exempted from tax. All other RD / FD interest is taxable. Also please note that pension amount is also taxable. I hope you are aware.

  • I S

    I am in 20% slab, interest on securities is only Rs1311 but interest has been deducted @ 10% i.e Rs131. upon filling ITR-1 it shows tax payble as 140 more, if interest received on securities is less than 10,000 then also do I have to pay tax?

    • If you are falling under 20% slab, you should pay balance 10% before IT filing and then submit ITR. Interest from RD/FD is taxable irrespective of amount

  • Sailar

    Dear Suresh,

    I have income only from FDs which is 2.5lacs per annum in 2013-14 . I did not work and hence no salary income . Should i still file Income tax ? I read in one of your replies for

    ( KS Narayanan

    July 13,2013 at 10:44am)  if the taxable income is less than 5 lacs need not file ITR . Please clarify my confusion.



    • Sailar, Since your income from FD’s are above taxable limit of Rs 2 Lakhs, your income would be taxable for Rs 50,000, hence you should file returns. Income tax dept has made it clear that irrespective of taxable income, every individual who has taxable income has to file ITR.

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