interest on FD for income tax return
This query is : Resolved
16 August 2017
I have FD on which I have received interest Rs 45060 as per interest certificate received from bank and but my 26 as showing only Rs 3450.
if I can show the interest as per 26 in order to take tax benefit purpose as I'm already in 30℅ slab
16 August 2017
Contact your bank and tell them that interest mismatch is there as per 26AS. They'll correct it.
Meantime, file the return with total interest actually received or accrued in your bank fd
17 August 2017
@ RK.,
First of the FD is just one year or any PY deposited...?
If yes the calculate yearly based interest and deduct TDS. You ll confirm first then go to file.....
17 August 2017
what will be consequences if I under report my taxable income for the year ?
17 August 2017
@Rk Income Tax Deptt is sending Intimation u/s 143(1)a of the IT Act if there is any mismatch between Form 16/16A or ITR Form as filed by the assessee.
There is two consequences for under reporting of Income:
First The Income is Now Black Money
Second, if Found Willfully Misstated, the deptt. may impose Interest & penalty by issuing Intimation u/s 143(2).
There is two consequences for under reporting of Income:
First The Income is Now Black Money
Second, if Found Willfully Misstated, the deptt. may impose Interest & penalty by issuing Intimation u/s 143(2).
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