Bank interest whether disclose or not?


Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
12 April 2011 Dear Sir/Madam,

If a person who have not filed his return for FY 2008-09, 09-10... wants to file 08-09 & 09-10.....his TDS on salary is properly deducted but not cover interest from saving bank account around Rs. 8000 (not exceed 10000) for both years.
My question is:
1. Whether he can file that returns?
2. is it necessary for a salaried person having interest income from bank, to disclose interest part in the return?

please guide..

Thanks....

12 April 2011 1. He can file his ITR, though both 2008-09 & 2009-10 ITR are liable for a penalty of Rs. 5000/- each, still you can go ahead filing the ITR & hope that the IT deptt. does not sends you a notice for the penalty.

2. Every income, interest or otherwise, needs to be reported in ITR & saving account interest is no exception for this even though its 8000/- only, its a taxable income in your hands.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
13 April 2011 First Thanks a lot sir,
But that person havnt file his return till now..his TDS is deducted as per his salary for FY 08-09 but as earlier stated he did not paid any tax on his Interest income apprx Rs. 8000.
1.Question is whether he should file his 08-09 return by disclosing interest income and pay tax & interest on that accordingly or;
2.He should file his return without disclosing interest income (no tax & interest will be appllicable in this case. or;
He should not file his 08-09 return and should go for 09-10 return sub,mission because he has not file any return till now.

Please guide...

Thanks.


14 April 2011 itax return for f.y.2008-09 i.e.ay 2009-10 is time barred now.u may file it but u dnt get any ack.no.by itax dept.savings interest income is taxable and needs to be disclosed.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries