Tds on interest received on march 2017
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 May 2017
Hi,
I received say 40,000 INR as interest on my FD on the month 26/03/2017 March and 10,000 INR interest on Nov 2016. I fall under the 30% income tax slab. The bank had submitted the TDS to IT departement for the for 10,000 amount and yet to submit the TDS to IT for the 40,000 INR. They have deducted the TDS and it seems that they would file the TDS on April-June 2017.
Now do I need to show the 40,000 interest income in FY2016-17 return, or should I file it in th FY2017-18 return. In case I do file in FY2016-17 return my Form 26 AS doesn't match. However if I file it in FY 2017-18 return my FORM 26 AS will match( I am assuming that bank will pay the TDS on April 2017). Quite a weird situation. Can you give me proper advice what to do.
I received say 40,000 INR as interest on my FD on the month 26/03/2017 March and 10,000 INR interest on Nov 2016. I fall under the 30% income tax slab. The bank had submitted the TDS to IT departement for the for 10,000 amount and yet to submit the TDS to IT for the 40,000 INR. They have deducted the TDS and it seems that they would file the TDS on April-June 2017.
Now do I need to show the 40,000 interest income in FY2016-17 return, or should I file it in th FY2017-18 return. In case I do file in FY2016-17 return my Form 26 AS doesn't match. However if I file it in FY 2017-18 return my FORM 26 AS will match( I am assuming that bank will pay the TDS on April 2017). Quite a weird situation. Can you give me proper advice what to do.
Expert : Anonymous
Expert :
Anonymous
(Expert)
02 May 2017
dear
bank must have deducted your tds in march 2017 itself.
as the last date of filing tds return is 31st may 2017.
your tds will be shown in your 26AS as soon as the bank files its tds return.
i.e fir this you have to wait.
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