Interest income shown or not
This query is : Resolved
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.
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.
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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