My friend is having FD interest income . As per form 16A total FD interest is RS.19864 but in his interest statement its Rs.30211 for FY 2017-2018. Which one he should include in his income Rs. 19864 or Rs. 30211?
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178177 Points)
Replied 18 August 2018
Most of the times interest income includes sav bank interest like......
So, consider form 16A (& verify with form 26AS).
lokesh bhatia
(ca-student)
(29 Points)
Replied 19 August 2018
you should see your interest statement carefully whether it contains only FD intt. or it also includes Saving intt. as well. you can take help of your bank by asking same to them or firstly you can calculate your saving intt. on your on via saving bank passbook and then check for same entry whether it exist in intt. statement or not.
and then take the actual amount you get as FD intt. and as Saving intt.
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 19 August 2018
Bank may not have taken the full amount while filing Form 16A.
Interest may also include SB interest.
Consider the Interest certificate given my the Banker and reconcile that with the amount appeared in Form 16A or 26AS.
And offer the interest that actually accrued during the year if he follows the mercantile method of accounting
OR
the amount actually received, if he maintains a cash method of accounting,
Recent Topics
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
Related Threads
CAclubindia
