Fixed deposit interest

This query is : Resolved

SUNIL (Querist)
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24 March 2016 IF THE FD INTEREST FOR THE F-Y 2013-2014 AND 2014-15 not considered in the respective IT Returns:-

1. is it necessary now to revise the said returns and if so by what is the last date

2. or can be considered in the return of financial year 2015-16

PLEASE GUIDE

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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24 March 2016 FD interest is supposed to be shown in the relevant financial year. In case, the same is not done, it is con cealment of income, more so if the same is subject to TDS, though no TDS may have been deducted to submission of Form 15 G / 15 H / Form 13 as the case may be.

The correct course of action would be to revise the ITRs for A.Y. 2014 - 15 & 2015 - 16. The return for the latter year should definitely be revised as the ITR for A.Y. 2015 - 16 was only filed in the current Financial Year.