Which amount to show on section tds2 of itr1?

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Vaish T (Querist)

01 July 2018 My father is a retired person with income only from interest on bank deposits. Since he had submitted form 15H, NO tax is deducted by the banks. (They refused to provide proper Form 16A since there is no tax deducted and have only provided bank interest certificate on their letterhead). However, Form 26AS shows that they have provided partial information to Income tax department. For example, one bank has paid total interest of Rs 1.2 lacs (as per the bank interest certificate), however, the Form 26AS shows that they have paid Rs 28450 as interest with “Tax Deducted” zero. We understand we have to compute tax as per the amount shown on bank interest certificate.

My question is with respect to filling section TDS2 of ITR-1. In this section, column “Amount which is subject to tax deduction” shows Rs.28450 (which is fetched from Form 26AS). Do I need to change this amount to actual interest paid i.e. Rs. 1.2 lacs? or should I keep it as it is? We don’t want to answer IT Department queries for mismatching the numbers what they have in their system and what we put up in TDS2 section. Please advise, so accordingly we will file ITR. Appreciate your response on this query.Thank you.

Vaish T

Vaish T (Querist)

03 July 2018 Dear all, any response on this query?

Vaish T

Vaish T (Querist)

03 July 2018 I would appreciate if any expert could answer this query as soon as possible. Thank You.

Vaish T

Vaish T (Querist)

09 July 2018 Dear experts, any response on this query, please?

Vaish T

Vaish T (Querist)

15 July 2018 Dear experts, any response on this query, please?
Read more at: https://www.caclubindia.com/experts/which-amount-to-show-on-section-tds2-of-itr1--2669604.asp
Appreciate your response as early as possible. Thank You.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

29 September 2021 Declare the actual interest received during the year on accrual basis.
If it exceeds the amount as declared in TDS2 column, no query will be raised.
These sort of mismatch in banks' interest reporting is common.

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