I am 26 years old. And got a job in September 2017. I didn't save . I had no saving accounts. So no hurdles when I filed income tax returns in 2018. But now , I save 12500 monthly in PPF, 20000 monthly in Recurring deposit of SBI and another 5000 for another recurring deposit of SBI. I also live in a rented apartment where I pay 3000/month as rent. I have have savings account. My gross salary is 76583, allowances are 17183 and basic salary is 59400. After deductions of 22525, my net pay is 54058. Now I need to know how to fill these details of recurring deposits and whats all I need to know for proofs. Do I need to fill form 15G with the bank? Can I avail deduction against section 80A, 80TTA, 80TTB.
Hii
you need not to file details of RD Accounts in ITR, you have to hold proof of all savings and produce before department when they demand to show else no need to provide proof, in current year your income is more then 250000 thus you are not eligible to file form 15g with bank, while filling you can claim
80c for PPF, LIC etc
80D for Health insurance if any
80TTA for interest receive on saving bank account(s)
The money you deposit under PPF is eligible for deduction u/s 80C. For rent, you can avail HRA deduction.
You need to show all these proofs (rent agreement, rent receipt, PPF passbook etc.) to your employer who in turn will consider these while deducting your TDS.
You can avail 80TTA while filing return of income.
You will get deduction of amount saved in PPF u/s 80C.
The rent you pay you can claim that for HRA allowance.
You don't need to provide anyone any proof of recurring deposit unless asked for it and you need to show interest income from such account in your return of income. You can't give 15G to bank as your income is above taxable limit.
Yes you can avail deduction of recurring deposit interest under 80TTA.
You can provide your details over mail and we can help you in filing ITR.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi,
- For F.Y. 2018-19,your total income would be 6,93,000 and tax would be 1,77,210.
- No benefit of investment in RD would be available to you u/s 80C and 80TTA. Also, you are not eligible to file Form 15G as you are having taxable income in the form of salary.
- For more saving, please invest Rs.50,000 in NPS u/s 80CCD1(B), Medical claim policy u/s 80D, donation u/s 80G.
- Benefit u/s 80TTA is available for interest on saving accounts.
- Submit copy of pass book of PPF with HR to consider it at the time of deducting TDS.
Thanks
Dear Sir,
Hope you are doing well !!
You can claim/take following benefits:
1. All deposits made to your PPF account can be claimed as deductions u/s 80C. Section 80C allows for a maximum deduction of Rs.1.5 lakhs per year inclusive of all investment instruments. You need to submit PPF pass book for the same. You can download it online.
2.The interest income earned on your RD is not exempted from income tax. It is taxable.You need to add the interest income as ‘income from other source’ when you file your IT returns.
Section 80TTA deduction is not available on interest income from fixed deposits, recurring deposits, or interest income from corporate bonds.
3.Section 80TTA provides a deduction of Rs 10,000 on interest.
4. You can claim the house rent allowance (HRA) exemption under Section 10(13A) of the Income Tax Act, 1961.
The HRA exemption is available for least of the following amounts:
a) Actual HRA amount received from the employer;
b) The amount of rent you pay for your house in excess of 10% of your basic pay;
c) Fifty per cent of the basic salary, if you reside in a metro city, and 40% of the basic pay for non-metro cities.
You will have to submit rent receipt/rent agreement to the employer for availing the HRA exemption.
Thanks & Regards,
Payal Chhjed
Hi
You have to file ITR 1, take form 16 from your company,file return accordingly.
Ppf deduction can be claimed in 80C.
No separate declaration for RD required. Whatever interest is earned on that Rd is to be declared as Interest income under income from other sources head.
Any tds deducted on RD can be claimed as refund if any.
If your income is below taxable imit(2.5 lacs)you can submit 15 g to bank for not deducting TDS.
Interest earned be on saving account can be claimed under 80tta
80ttb is for senior citizens.
Hope it helps
