Income tax on saving bank account interest
This query is : Resolved
Dilip Mistry
(Querist)
08 June 2014
Hi Experts,
I have the following questions and would like to have the answers from all the experts:
1. Is it really important to disclose the saving account interest while filing ITR1 (considering I am a salaried person). What if I do not (negative consequences)?
2. In case it exceeds 10,000 , do I need to update "Schedule TDS 2" section? My bank did not deducted any amount on the interest and I dont see any such deduction/entry in Form-26AS.
Thanks,
Dilip
I have the following questions and would like to have the answers from all the experts:
1. Is it really important to disclose the saving account interest while filing ITR1 (considering I am a salaried person). What if I do not (negative consequences)?
2. In case it exceeds 10,000 , do I need to update "Schedule TDS 2" section? My bank did not deducted any amount on the interest and I dont see any such deduction/entry in Form-26AS.
Thanks,
Dilip
Nikhil Kaushik
(Expert)
08 June 2014
1. it would amount to wrongful disclosure and concealment of income. penalty under 271 can be levied.
2. if TDS was not deducted by the bank, then you dont have to mention anything in tds sheet but have to pay tax on this income on your own.
2. if TDS was not deducted by the bank, then you dont have to mention anything in tds sheet but have to pay tax on this income on your own.
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