NSC Accrued interest (on Maturity) in AIS

Page no : 2

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.

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 10 July 2022

You have to declare income of last four years seaparetely in AIS feedback

2 Like

Taruna (Student CA Final ) (109 Points)
Replied 14 July 2022

Thanks for update. So in feedback section have to select option as " Information relates to other PAN/Year and then show Year wise Interest Income considered in previous ITR file. Pls advice whether my understanding is correct.

3 Like

Taruna (Student CA Final ) (109 Points)
Replied 14 July 2022

There is no option whether I can give my remarks as Interest income is considered on accrual Basis over the period of 5 Years.

2 Like

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 14 July 2022

Yes you are correct in selection option as information related to other PAN

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Rajiv Sisaudia (Retired) (39 Points)
Replied 29 July 2022

Hello Ma'am, my interest accrued in NSC is not captured in AIS. Is it required to give feedback about this? If yes, how? Also, in ITR filing, when I enter my investment in NSC plus accrued interest under section 80C, it gives warning that your entry is not available in AIS/26AS. What shall I do?

Request for help.

2 Like

Tarak A. Shah (30 Points)
Replied 01 August 2022

In my AIS I have shown nsc maturity interest 16705 & rs 7012. total 23717/- I have not shown in income tax return earlier due to my investment is complete as per 80--c limit. . Now what amount i have to display in this year. . should i display accursed basic interest .. due to this i have to paid tax of rs 15000 approx.

need your help.

3 Like

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 01 August 2022

@ Rajiv Sisaudia , No need to give feedback fo interest not shown in AIS

@ Tarak A. Shah You need to show whole interest if not declared earlier.

3 Like

Rajiv Sisaudia (Retired) (39 Points)
Replied 01 August 2022

Thanks ma'am. Regards

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 01 August 2022

Welcome Dear

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Tarak A. Shah (30 Points)
Replied 02 August 2022

If i show full amount my tax liability is shown rs 13000/- and interest . because this confusion my fy 21-22 return is also pending. . need your help.