Interest income shown or not

This query is : Resolved

nitin (Querist)
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09 August 2011 If I Shown Int. Income then tax liability will be & if not shown then no liability arise. This interest income come from bond investment which is invested in year 1997 Received on maturity in F.Y. 2010-11.
TDS is deducted ON interest amount 88500& TDS is 8850.

Q1 IS it necessary to show interest amount in income tax return which is already received after TDS deduction & Show in 26AS.

Q2 Due to Tax liability increase & that's way we not show interest in our I.T. return what will be happen.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 August 2011 Interest should be offered for taxation. Otherwise in addition to tax and interest, penal provision under section 271(1)(c) also will attract.

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