Income from other source

ITR 194 views 5 replies

jagjeet

salaried

62 Points Joined August 2008

I have some FDs & RDs in State Bank of India. In the interest certificate (for the financial year 2017-18) bank has provided the following interest details

A/c Interest Paid Interest Accrual

Saving 337 8

RDs 1292 2673

FDs 5527 5301

Total 10596 9071

But in Form 26AS Amount Paid/Credited is 12327 and tax deducted is Rs.1238.

My question is that which amount should be shown in ITR form as Income from Other Source (Rs.10596 or Rs. 9071 or Both the interests (10596+9071) or as shown in 26AS i.e. Rs.12327.

Thanks&Regards,

JAGJEET SINGH

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209945 Points Joined July 2016

To avoid any litigation go with 12327...... & claim 1238 TDS.......

rishikesh N

198 Points Joined May 2018

You can claim interest amount and you have to show RS. 9071

jagjeet

salaried

62 Points Joined August 2008

Thank you Dhirajlal Rambhia Sir,

But please guide me why there is difference of Interest amount in Form 26AS and Interest Certificate. And what is the Interest Paid and Interest Accrual ?

jagjeet

salaried

62 Points Joined August 2008

rishikesh N Sir.
You mean Income from other source will be Rs. 9071. TDS Claim will be Rs.1238/- and Deduction U/s 80TTA will be Rs. 8/- (Interest accrual on saving account).

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209945 Points Joined July 2016

Interest paid is the amount already credited to account during year (due to redemption of maturity of the FD). Interest accrued is the amount of interest arrived at the end of year, which is added/accrued to FD and payable at maturity or at interval.

Amount if Rs. 7974/- is interest accrued at year end, which is payable, or credited to FD/RD and hence taxable. (or TDS to be deducted at 10%)