Bank interest whether disclose or not?

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2011 Dear Sir/Madam,

If a person who have not filed his return for FY 2008-09, 09-10... wants to file 08-09 & 09-10.....his TDS on salary is properly deducted but not cover interest from saving bank account around Rs. 8000 (not exceed 10000) for both years.
My question is:
1. Whether he can file that returns?
2. is it necessary for a salaried person having interest income from bank, to disclose interest part in the return?

please guide..

Thanks....

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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12 April 2011 1. He can file his ITR, though both 2008-09 & 2009-10 ITR are liable for a penalty of Rs. 5000/- each, still you can go ahead filing the ITR & hope that the IT deptt. does not sends you a notice for the penalty.

2. Every income, interest or otherwise, needs to be reported in ITR & saving account interest is no exception for this even though its 8000/- only, its a taxable income in your hands.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2011 First Thanks a lot sir,
But that person havnt file his return till now..his TDS is deducted as per his salary for FY 08-09 but as earlier stated he did not paid any tax on his Interest income apprx Rs. 8000.
1.Question is whether he should file his 08-09 return by disclosing interest income and pay tax & interest on that accordingly or;
2.He should file his return without disclosing interest income (no tax & interest will be appllicable in this case. or;
He should not file his 08-09 return and should go for 09-10 return sub,mission because he has not file any return till now.

Please guide...

Thanks.

CA shilpa shinagare

CA shilpa shinagare (Expert)
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14 April 2011 itax return for f.y.2008-09 i.e.ay 2009-10 is time barred now.u may file it but u dnt get any ack.no.by itax dept.savings interest income is taxable and needs to be disclosed.

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