Unrealised interest income
This query is : Resolved
27 July 2022
I have interest income from unsecured loans. My deductor has deducted TDS on the interest payable and added the net interest payable to the principal amount. This is happening for the 3rd consecutive year. But this year he has failed to pay TDS to the government and thereby failing to file TDS return.
How to account for this unrealised interest income in ITR ? Please reply urgently as last date to file ITR is approaching.
How to account for this unrealised interest income in ITR ? Please reply urgently as last date to file ITR is approaching.
27 July 2022
Need not claim any TDS and don't add interest income this year. You can add the income in the year when TDS is been deducted.
27 July 2022
Report the interest income on a cash basis and not an accrual basis in your case.
If the borrower pays the interest and deducts RDS for the FY 2021-22 after filing your ITR then you revise your ITR and claim the extra income and TDS.
At present, you can file the return without interest income and TDS.
If the borrower pays the interest and deducts RDS for the FY 2021-22 after filing your ITR then you revise your ITR and claim the extra income and TDS.
At present, you can file the return without interest income and TDS.
28 July 2022
But nowadays ITR processing is very fast. So, how can I claim TDS if my borrower files TDS return after my ITR is processed ?
28 July 2022
In that case you can revise the return before 31.03.2023, offer the income for assessment, and claim TDS over it.
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