Interest on FD

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2011 Hi,

I have a query regarding the Interst accrued on FD.I have calculated Accrued interest on FD of one of my clients amounting to Rs.9500.
The FD Is matured in September 2010 and the interest accrued from 01/4/2010 is calculated accordingly. But when i view the 26AS Credit Statement i have found only Rs.3000 as Accrued Interest on the same.My Qs. is Which one should i take for computing the total income of the Assesee?? the one which i calculated or the one which is seen in 26AS?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 July 2011 Ask the client to Obtain an interest certificate from the bank. Or to get a confirmation from the bank. As it may so happen that there is a mistake in filing TDS return. Taking any amount as income under either of the method may prove to be wrong.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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24 July 2011 Yes, i agree. While filing TDS Returns, the bank may have furnished wrong Interest amount, so it is better for you to get a certificate from the bank for the period 01-04-2010 to 31-03-2011 and the amount shown in that certificate will be the accrued interest for the period.