chandar R ( ) (225 Points)
11 June 2022A sum of Rs.140578 is shown as Total Interest received on NSC received on maturity from Post office in my AIS and the same is correct. However, I have been showing the accrued interest adding to my Total Income in my Returns from first year till date every year and only the balance due for AY2022-23 which is around 30000 need be shown in this year's Returns. How to go about it and if I show only 30000, will I get demand for paying Tax on full interest amount?
Dnyanesh Deshpande
(Aspiring CA)
(133 Points)
Replied 11 June 2022
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 11 June 2022
chandar R
( )
(225 Points)
Replied 12 June 2022
How to inform/send Feedback in AIS to ITO as the information is technically correct (Accrued cumulative interest received ) and I cannot say it is "Not Correct" in the Feedback Option in AIS as it is me who have taken it year wise for calculation purpose?
As many assessees would be facing this issue regarding Cumulative interest treatment in case of NSCs, RBI/Infra Bonds, etc., is there any solutions for the same?
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 13 June 2022
chandar R
( )
(225 Points)
Replied 01 July 2022
Dear Madam,
I have added respective year's nsc interest in my ITR for 4 years and balance only to be shown in current year's income. In AIS it is asking for Year. Should I have to show the interest figures for each and every year or only for current year? Also whether ITO will again ask me to pay tax for those 4 years? In which case it will be double payment where as I have already paid tax for those years.
Kindly guide
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 03 July 2022
chandar R
( )
(225 Points)
Replied 04 July 2022
Thank you so much madam and sorry for the inconvenience.
Regards.
Ganesh
(Engineer)
(68 Points)
Replied 08 July 2022
Hello,
I have similar issue with NSC reporting on AIS.
I have submitted the feedback "information belongs to other years". Feedback has been processed and now the derived value in TIS is correct. Will my ITR be processed based on derived value?
IT dept had mentioned that ITR will be prefilled with derived values from TIS but that is not happening. It is prefilling with original values.
I am worried of mismatch during processing
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 08 July 2022
Taruna
(Student CA Final )
(109 Points)
Replied 09 July 2022
Mam,
Every Year I invest in NSC and on accrual basis declaring the Interest as Taxable. Now in AIS AY 22-23, NSC which are encashed on maturity entire Interest Income is considered as Taxable by Dept.
In Feedback section of AIS, whether I need to declare the Interest made taxable in Previous 4 Yrs of only the NSC which are matured in Current Year FY 21-22, or Pl suggest how can I resolve this as same issue I will face every year.
In current Year my Interest income from NSC is higher than AIS as I am considering interest as taxable basis the accural method so have included other NSCs interest also having 2nd, 3 & 4th year.
Pls help.
Taruna
(Student CA Final )
(109 Points)
Replied 09 July 2022
Mam,
Every Year I invest in NSC and on accrual basis declaring the Interest as Taxable. Now in AIS AY 22-23, NSC which are encashed on maturity entire Interest Income is considered as Taxable by Dept.
In Feedback section of AIS, whether I need to declare the Interest made taxable in Previous 4 Yrs of only the NSC which are matured in Current Year FY 21-22, or Pl suggest how can I resolve this as same issue I will face every year.
In current Year my Interest income from NSC is higher than AIS as I am considering interest as taxable basis the accural method so have included other NSCs interest also having 2nd, 3 & 4th year.
Pls help.
CAclubindia
