Income shows in 26as although no tds deducted.

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Dipankar Chakraborty

407 Points Joined September 2015

Dear Sir, A person has a 1 FD in nationalised bank. He has non taxable income so he issued form 15H as he scinior citizen, so no tds deducted by bank. When he registered his PAN in income tax site he find that his fd interest shows in 26AS although no tds deducted. So, my question is that - 1). Is the interest income shows in 26AS treated as income as per income tax authority? 2). Will he liable to file any return? If liable then which ITR should he file? Please clarify me anyone.

Replies (4)

S. Shiroor

Others

1212 Points Joined July 2015

All 15G/15H entries are shown in 26AS. If no TDs is deducted no need to worry.

pavazh

Cost Accountant

68 Points Joined June 2013

Answers for Your Questions

1. Interest is income as per Income tax Department

2.Yes ,He has to file Income tax Return.

3.He should file ITR-1.

DHANANJAYA M

consultant

30 Points Joined January 2010

Any income earned or accured during any financial year, whether reflecting in 26as or not, but income exceeds basic exempted limit is subject to income tax.

in given case, verify that, being a senior citizen exempted basic income is rs.300000 the interest earned by person exceeds the rs.300000 being a senior citizen then liable to income tax, if not no need to pay tax and filing return is obtional.

DHANANJAYA M

consultant

30 Points Joined January 2010

Any income earned or accured during any financial year, whether reflecting in 26as or not, but income exceeds basic exempted limit is subject to income tax.