Excess deduction in Form 16
This query is : Resolved
22 July 2009
Hi,
I have an education loan and am claiming exemption on interest paid under 80E. Initially my bank gave me an estimated interest of approx. Rs.36000 which I declared to my employer. This was considered in my Form 16. Now the bank has given me a interest certificate of only Rs.29000. How do I show it in ITR 1. Is there a problem if the exemption i show in ITR 1 is lower than that in Form16. Please help. Thanks
I have an education loan and am claiming exemption on interest paid under 80E. Initially my bank gave me an estimated interest of approx. Rs.36000 which I declared to my employer. This was considered in my Form 16. Now the bank has given me a interest certificate of only Rs.29000. How do I show it in ITR 1. Is there a problem if the exemption i show in ITR 1 is lower than that in Form16. Please help. Thanks
22 July 2009
In ITR you shall be claiming lower deduction, means paying higher taxes, then there should be no problem to the department. Still, keep all the documents proving your genuinity in declaring higher interest earlier for any future correspondence with ITO if needed.
22 July 2009
agree with Mr. Tarun
Message likes :
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23 July 2009
It means the Employer has issued the Certificate on Form 16 on the basis of provisional certificate. Employer may have to explain the same during his TDS scrutiny. However, you may re-compute the taxable income and tax thereon and pay and file the return accordingly.
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