Treatment of Profit getting on PLS A/C

[olympia]

If we received profit on PLS A/C we write that amount in Sr # 53 of Income tax return (Profit on Debt)System caculate tax@ 10% on the profit which is final tax. Could this final tax is also write in Sr # 24 of Annex"B" [Total Tax Deduction at Source (Final Tax)-Incl. Surcharge]?

[LapTop]

Yes

[olympia]

thnks laptop )

[student_of_law]

The amount transferred to Sr.24 of Annexure B will also include surcharge deducted ,if any.

For example a person has only one income subject to final taxation i.e. profit on debt paid in June amounting to Rs.100
Bank will deduct tax (including surcharge) on it amounting to Rs. 10 + 15% of Rs.10 = Rs.11.5

At serial No. 53 of page 2 of return we will calculate tax chargeable @ 10% i.e. Rs.10.
While when we transfer this figure to serial 24 of Annexure B, we will write amount deducted, i.e. 10 + 1.5(surcharge) = 11.5
On the other hand amount transferred to serial 40 of page 1 will be Rs. 10.