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Fixed deposit interest as per 26as

TDS 676 views 2 replies

Vineet Nitin Deshpande

Article Assistant

71 Points Joined January 2012

Mr. X has Interest on FD As per 26AS are as follows:

Bank A : Interest Rs.100/- ; TDS Rs.10/-

Bank B : Interest Rs. 25/- ; TDS Rs. 0/- (NIL)

Mr. A wants to show only Rs. 100/- as his Income From Other Source & Not Rs. 125/-

Can This Possible & Right while Calculating Computation Sheet of Mr. X?

Please Reply............

It is Urgent......

Replies (2)

Deepak Parsai

Future CA

623 Points Joined December 2008

Vineet, first of all your question framing is wrong from beginning. As per tds provisions tds may be deducted from bank interest only if it above 10,000. Is ok, avoid it and let's concentrate on concept, since bank interest in total is 125 so, if we show 100 then it will be treated as income escaplation. It is wrong. If u want to less ur tax then go for section 80 deductions.

Deepak Parsai

Future CA

623 Points Joined December 2008

And one more thing, if It is shown in 26as that assesse has bank interest income by 2 banks in total 125 and you will show 100 only then your cheating ko baccha bhi pakad lega.