Please Help: ITR
Posted Date : 24-May-2012 , 02:01:45 pm | Posted By: Gaurav Kumar
Category :
Income Tax | Answers :
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Comments :
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One of my FD matured in May 2009. I have not included the interest income in ITR for 2009-2010. The interest amount is Rs. 65000. How can i now show this interest amount in ITR. I am ready to pay penalty. |
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Answers:
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 Answer by: Saurabh Goyal |
| YOU HAVE TO INTIMATE TO THE INCOME TAX OFFICER AND PAY TAX AND INTEREST ON THE SAME UNDER SECTION 220 @ 1% PER MONTH OR PART OF THE MONTH.
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| Answer by: Rishabh Upadhyay |
| In this case since the amount of interest is exceeding Rs 50000 so the bank would have deducted the tds at the time od crediting interest in your account. So the details of your Interest income would also be available with the income tax department, in form of TDS return filed by the respective bank. so you can give a written intimation to the respective AO about your mistake in calculation the income for the relevent year. All this opinion is however based on the assumption that tds was deducted by the bank. More options can be analysed on other details been made available
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| Answer by: CA. SURESH Kr. AGARWAL |
| Dear don't worry, as per finance act every bank has to deduct TDS on the interest amount over Rs. 10000/-. Contact with your bank and get TDS certificate for deduction and now checked whether their is any difference in the revised tax calculation. It is also advised to check form 26AS.
Then contact with AO.
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| Answer by: CA Satuti Mahajan |
| Since the interest amount exceeds Rs. 10000, the bank has already deducted TDS on that.
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| Answer by: Rambabu Senkarasetti |
| You can file belated return, pay penality and can claim TDS as refund.
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