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Fd interest below rs10000. no tds deducted .no form 16a & not reported in form 26as

Sir Iyerji (Online marketing) (61 Points)

07 July 2018

1. Not all banks report all interest income in Form 26AS. In a few banlks FD interest is below Rs 10000. so No TDS deducted.No Form 16A. How to include FD interest in ITR1? (which is not captured by Form 26AS)

Can we add as consolidated FD interst in other income or bank wise?

2. Also how (where ) to report SB interst in ITR1? (consolidated lumpsum of all sb interst earned from 5-6 banks?)

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10 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 07 July 2018

Aggregate of interest income from FDs from all the banks....... to be reported under ............

3 .

Income from Other Sources (Ensure to Fill "Sch TDS2")

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Sir Iyerji (Online marketing) (61 Points)
Replied 07 July 2018

Dear Rambhia sir

Thanks for your kind reply.

3-4 banks (with TAN no) has reported interest income +TDS ansd is shown in Form 26AS.

my doubt to fill up Sch TDS2 is do I need TAN for each bank to report FD interst or SB interest ? because I dont have TAN of these banks (only IFSC code).I have TAN of only the institutions captured in Form 26AS. So how to fill sch TDS2 ? mention all bank names one by one (with out TAN no) will do ? or just mention combined FD +sb interest in "income from other sources"? and leave the Sch TDS2 only fill with those banks with TAN shown in 26AS ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 07 July 2018

You are required to fill TDS2 for claim of tax deducted by bank.

It is easier task, if you can import the data by pre-filled .XML file; otherwise copy the details as per Form 26AS...... but filling the data is necessary.....

Sir Iyerji (Online marketing) (61 Points)
Replied 07 July 2018

Dear Rambhia Sir

Highly appreciate your reply.

But my original question was how to report in sch TDS2 ----FD interest with out TDS deduction and with out mention in Form 26AS (beacuse interst below rs 10000)

Also how to report SB interest (I can not fill up sch TDS2 as I have no Tan no & no tax deducted not reported in Form 26AS.

I do understand now in Sch TDS2- I can copy details deducted etc as per Form 26AS. I do have 4 such entries in Form 26AS. (with & with out Tax deducted) so filling those data is easy.

my problem is how to report in sch TDS 2 of interest income not reported in Form 26AS?

regards

SHIRISH S S (Proprietor) (1030 Points)
Replied 07 July 2018

1) In S.no 19 TDS2 you should report that appears in 26AS. This is for tax credit

2) In S.no 3 Savings Interest + All income in 26AS u/s 194A + Interest below 10000 + other income which is taxable.

3) All Interest income which are exempt us 10(15) should be reported in 27 (d)- viz interest from PPF/VPF/EPF , int from Tax free bonds .All other exempt income under relevant clause should be reported.

.4) Saving bank interest only (not FD interest) shall also mentioned in 5r . If this amount is more than 10000 - only 10000 will be taken which is autofilled by the system

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KOUSHAL JAIN (Chartered Accountant) (471 Points)
Replied 07 July 2018

Originally posted by : kevin ayer

1. how to report in sch TDS2 ----FD interest with out TDS deduction and with out mention in Form 26AS (beacuse interst below rs 10000)
Ans Not need to fill TDS Schedule for income on which no TDS Deducted

2. Also how to report SB interest (I can not fill up sch TDS2 as I have no Tan no & no tax deducted not reported in Form 26AS.

Take income as per interest certificate of bank in Income from Other Source no need to fill TDS Schedule

3. I do understand now in Sch TDS2- I can copy details deducted etc as per Form 26AS. I do have 4 such entries in Form 26AS. (with & with out Tax deducted) so filling those data is easy.

my problem is how to report in sch TDS 2 of interest income not reported in Form 26AS?
Ans Take income from interest as per interest certificate of bank under head Income from Other Source

Sir Iyerji (Online marketing) (61 Points)
Replied 07 July 2018

Dear Shirish

Thanks a lot for clarifying all my doubts.

1.my only incme is FD /SB interest .(so all comes under (S NO 3)income from other sources ).

I have no exempt income us 10(15) to be reported in (27D).

Iam not even claiming 80TTA as my income is below Rs 2.5 lakhs. Iam not claimming any deductions.in S.No 5.

2.I will report all SB interest + FD interest consolidated (both captured & not captured in Form 26AS )

3. In schTDS 2 I will fillup with TAN no of deductor those data as per form 26AS.

4.Under 5R I will report all sb interest consoilidated .(no need to mention bank wise with IFSC code right?)

5. One small doubt -Do I have to declare all my SB bank accounts in S.No 27 (1) b ? (which is not coming in 26AS because interst earned is below 10k) or only banks which are reporting in 26AS for FY2017-18?

Thanks & best regards

SHIRISH S S (Proprietor) (1030 Points)
Replied 07 July 2018

Yes you have to mention all bank details -except for any dormant accounts.

Sir Iyerji (Online marketing) (61 Points)
Replied 07 July 2018

Dear Koushal jain

Thanks for your kind reply.

your reply & SHIRISH's reply clarified all my doubts. I have interest certificates + bank statements & have in spread sheet all banks SB interest + un reported FD interest for FY 2017-18.

I will wait till July 23rd to check Form 26AS one last time & file the return & post ITRV to CPC bangalore.

Regards

Sethu Raman (160 Points)
Replied 07 July 2018

1.all banks FDs interest shall be shown in ITR 1 under the column income from other sources. 2.All banks SB account interest also may be added along with FDS interest and may be shown in ITR 1 under the column income from other sources. but SB interest up to rs. 10000 May be claimed under exemptions section under 80TTA.enter total sb account interest under section 80TTA.system will automatically allow up to rs.10000 as exemptions and tax will be calculated accordingly.