Income from Infrastructure bond.

Save Share

This query is : Resolved

Quick Summary

If you've received income from an infrastructure bond maturity and had TDS deducted, you need to declare this interest under the 'Income from Other Sources' (IFOS) section of your ITR-2 form. The interest earned is taxed at your applicable slab rate. The TDS deducted can be claimed as credit against your total tax liability.

Chaitali

Chaitali (Querist)

30 September 2021 In 2020, I have earned some money on maturity of L& T infrastructure Bond-2010 and TDS deducted under 194A. How Can I show it in ITR-2. Please guide me. Where Can I add this income in ITR 2? Income from other sources?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

30 September 2021 Yes, if otherwise ITR 2 is applicable in your case.

Message likes : 2 times

Chaitali

Chaitali (Querist)

30 September 2021 But How can I add this income in ITR-2?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

30 September 2021 The interest derived from Long-Term Infrastructure Bonds is taxable under the head ‘Income from Other Sources’ in the hands of the investor.

Message likes : 1 times

Chaitali

Chaitali (Querist)

30 September 2021 what will be income tax rate of this income? Interest from Infrastructure bond is Rs. 21220/- and TDS deducted under the section 194A is 1592/-. as per total income I am presently in 20% slab?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

30 September 2021 Rate of TDS deduction is 7.5%, (covid 19 relaxation) over Rs. 21,220.
You need to declare the income under IFOS, which is taxed at slab rate.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now