Hi I have a FD that received an interest of 8000 in the year. The FD will mature in Jan 2017. I need to know where should I declare this income in the ITR? There is no TDS deduction in it as the interest has not reached 10000.
Thank you
Molly (Others) (115 Points)
24 July 2016Hi I have a FD that received an interest of 8000 in the year. The FD will mature in Jan 2017. I need to know where should I declare this income in the ITR? There is no TDS deduction in it as the interest has not reached 10000.
Thank you
CA. Pratik Kumar Dokania
(Professional)
(63 Points)
Replied 25 July 2016
Molly
(Others)
(115 Points)
Replied 25 July 2016
Thank you so much for replying.
Will it add it the taxable income or can I claim any deduction?
PRAVIN VADNERE
(AUDITOR)
(115 Points)
Replied 25 July 2016
RAMESH POLINENI
(ca)
(352 Points)
Replied 25 July 2016
First you should add it to the taxable income under the head income from other sources and later in calculaton of tax on income you have to deduct that interest income
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 25 July 2016
MOLLY SIR
AS YOU SAYS THAT YOU ARE FILE ITR IN ITR3 , MEANS YOU HAVE PARTNERSHIP FIRM.
SO YOU SHOULD ADD YOU INTEREST IN YOU INCOME HEAD ( INOCME FROM OTHERS SOURCES)
YOU CAN NOT DEDUCTEE (U/S 80TTA) YOU INTEREST INCOME FROM TAXABLE INCOME ,
BECAUSE 80TTA DEDUCTION IS AVAIBLE FOR INDIVIDUAL ASSESSEE ONLY .NOT FOR PARTNERSHIP FIRM.
GOOD LUCK
Molly
(Others)
(115 Points)
Replied 26 July 2016
| Originally posted by : RAMESH | ||
 |
First you should add it to the taxable income under the head income from other sources and later in calculaton of tax on income you have to deduct that interest income |  |
Hi Ramesh, where do I have to deduct the interest income in the ITR?
Molly
(Others)
(115 Points)
Replied 26 July 2016
@ Tanush, I am filing my individual income not the income of the firm. Thank you.
Molly
(Others)
(115 Points)
Replied 26 July 2016
Sorry to rush but can anyone tell me where to deduct the interest income from?
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 26 July 2016
DEAR SIR
AS YOU WRITE IN YOUR FIRST STATE (Fd interest in itr 3) , I ASUME VTHAT ,
FIRST OF ALL PLEASE CLEAR THAT IN WHITCH TYPE (CATEGERY ) OF YOUR PAN CARD
(INDIVIDUAL, HUF, FIRM, COMPANY, PARTNER AND ANY OTHER) AND IN WHICH FORM OF ITR YOU USES FOR RETURN FILE
Molly
(Others)
(115 Points)
Replied 27 July 2016
Hi Tanush, yes I am a partner of a firm but at the moment I am asking for filing my individual return not of the firm
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 27 July 2016
OK
SO , YOU SHOULD ADD YOU INTEREST IN YOU INCOME HEAD ( INOCME FROM OTHERS SOURCES)
YOU CAN NOT DEDUCTEE (U/S 80TTA) YOU INTEREST INCOME FROM TAXABLE INCOME BECAUSE THIS INTEREST YOU HAVE RECIEVED FROM FD A/C.
Molly
(Others)
(115 Points)
Replied 28 July 2016
OK thank you very much. Had just got a bit confused with the reply from Ramesh. All clear now. Thank you.
Guria
(Asst.Manager (Finance & Accounts))
(22 Points)
Replied 23 August 2016
80TTA only for saving bank interest not for FD Interest.
FD Interest should be shown in Income from other source.
No deduction allowed.
A partner in a firm file his income in ITR 3.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
