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Diff Between AIS and 26AS - Accrued Int vs Int Credited

SHIRISH S S (Proprietor) (1016 Points)

25 November 2021

My wife is filing ITR-1.

Bank FD Int:- Int Credited is 12477 and accrued int is 3146

In 26AS the int is NOT shown. In AIS it is given 15623

In IT form what amount to put 12477 or 3146. ??

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11 Replies

SHIRISH S S (Proprietor) (1016 Points)
Replied 25 November 2021

In IT form what amount to take 12477 or 15623??

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 25 November 2021

Rs. 15623/-

1 Like

SHIRISH S S (Proprietor) (1016 Points)
Replied 25 November 2021

THANKS. RETURN UPLOADED AND VERIFIED BY AADHAR.

ASSESMENT 143(1) CAME WITHIN 2 MIN - BELIEVE IT OR NOT.

Manish (CA) (1076 Points)
Replied 25 November 2021

It comes under income from other sources. And you can account for it on the accrual or receipt basis consistently.

sabyasachi mukherjee (26047 Points)
Replied 25 November 2021

In itr actual amount credited has to be filed.

CHANDER KANT AZAD (PROPRIETOR) (48 Points)
Replied 17 January 2022

But is it justified to pay tax on interest not credited in that FY. In next Fy the accrued will find its place in the 'credited' and tax will be payable again on the same amount that was paid in preceding FY.

2 Like

nikog (Consultant) (28 Points)
Replied 28 November 2022

I agree. The interest income is what is actually received and not include what is accrued. In above question, I would consider 12477 as income and not 15623, since you will end up claiming that as income and paying tax on it again in next year.

nikog (Consultant) (28 Points)
Replied 28 November 2022

Sir, are you sure that the income to be shown in ITR should include accrued income? As a tax payer, I have not received that income yet and it will show up as interest income in the quarter when it actually is paid out by the bank to the depositor.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 28 November 2022

Yes, as per accounting standards, interest received and accrued in a year is considered as income for the year, and the same is reported in TDS returns by bank & financial institutes.

The same will not get reported by Bank in following year/s, when credited to account. So, for the following year/s you need not take it as income again.