09 July 2024
Sir, A resident Individual is having RD a/c of post office. During tenure of RD a/c he was reporting accrued interest of RD on estimated basis in his Yearly ITRs. But Post office does not credit RD a/c on yearly basis as per its practice and also does not deduct TDS.. It credits the total interest amount only at the time of maturity of RD a/c. That is the point of mismatch.. While preparing ITR of closing year of RDa/c, when individual noticed this mismatch, he reported in the " Feed Back" of interest amount which he had already shown on estimated accrual basis in ITRs of earlier years on year-wise basis respectively as " Relates to earlier years " to reconcile the total interest in the last year of maturity of RD a/c. But when this feed back was forwarded by AIS utility of ITax Dept to PO , it has replied back by PO that "Feed back is incorrect.."
Hence the following queries :-
1. Is individual right with reporting of accrued intt of PO- RD a/c on yearly basis and then balance of interest in the last year of maturity of RD ?
2.Will he face any problem when source i.e. PO has reported that "Feed back is incorrect" ??
3.Can he still file ITR as per his scheme i.e. " Total Interest Rs 8 Lacs - Accrued interest already reported Rs 6.10 lacs " with net interest of Rs 1.90 lac for year of closing of a/c on maturity i.e FY 2023-24 even after negative reply from PO " Source", ???
4. Can he write in description of ITR at relevant column, that he had already reported portion of Accrued Interest to extant Rs 6.10 Lacs in earlier relevant years. ????
CAclubindia
