first time income tax

[Asked by Guest]

How to file income tax for the first time? How to include income from sb accounts and fixed deposits?

[Ganeshan Kalyani]

If you are salaried assessee then filing of return is simple than that of a business entity.

Visit https://incometaxindiaefiling.gov.in

[DR.MARIAPPAN GOVINDARAJAN]

If you are salaried employee, the employer himself deduct tax for the whole financial year. The interest from SB account is exempted upto ₹ 10,000/-. Beyond this amount it is taxable. The interest on fixed deposits is not exempted and liable tobe taxed. You may inform this type of income to your employer who will deduct tax for that portion also. Or you may separately assess the tax and pay to the credit of the Central Government and file return accordingly.

[Pranali Sharma]

Before going to file your income tax, you must know your PAN card details to file properly, you can file via income tax official site or need to talk with CA to file returns.

AI Summary

Taxation of bank interest: savings interest partly exempt, fixed deposit interest taxable; inform employer or file return.
Salaried taxpayers should file returns using PAN via the official e filing portal or a tax professional. Savings bank interest has a limited exemption; amounts beyond that exemption are taxable. Fixed deposit interest is fully taxable. Taxpayers may notify their employer to adjust withholding for such interest income or calculate, pay, and report the tax themselves when filing the return.