Interest on Post office accounted as accrual basis.

Save Share

This query is : Resolved

Quick Summary

A taxpayer has received a notification from the tax department regarding a discrepancy in reported interest income. While their Annual Information Statement (AIS) shows £3 lakh in Post Office interest on an accrual basis, their IT return only declares £1 lakh. The department has flagged the Bank FD interest for review, leading to confusion about which response option (A or C) to select. The user suspects Option C, stating the information relates to another PAN/year, might be appropriate due to the accrual basis difference.

K.G.Shah

K.G.Shah (Querist)
Follow

02 January 2024 Sir , As per my AIS Interest is as Rs 5 Lakh (Bank FD 2 Lakh , Post office i 3 lakh ) .

As per IT return it is 3 Lakh ( Bank FD 2 lakh, Post office 1 Lakh) .

Reason of variation is Post office interest shown on accual basis.

Now I have received SMS/Email from Deptt that High Value transaction which does not appear to be in line with IT return .

And they have marked * on FD interesrt to give feed back ..
Option A .Information is correct .
Option B. Information is not fully correct option C information relates to other PAN/year and
Option D information is duplicate

. In this case which option to be selected . They hace not marked on post office interest but marked on Bank interest.
Whether option A to be selected or option C to be selected.

K.G.Shah

K.G.Shah (Querist)
Follow

03 January 2024 Please advise on my above quarry