Fd interest income to be considered in itr

Tax queries 240 views 3 replies

My friend is having FD interest income . As per form 16A  total FD interest is RS.19864 but in his interest statement its Rs.30211 for FY 2017-2018. Which one he should include in his income Rs. 19864 or Rs. 30211?

Replies (3)

Most of the times interest income includes sav bank interest like......

So, consider form 16A (& verify with form 26AS).

you should see your interest statement carefully whether it contains only FD intt. or it also includes Saving intt. as well. you can take help of your bank by asking same to them or firstly you can calculate your saving intt. on your on via saving bank passbook and then check for same entry whether it exist in intt. statement or not.

and then take the actual amount you get as FD intt. and as Saving intt.

Bank may not have taken the full amount while filing Form 16A. 

Interest may also include SB interest. 

Consider the Interest certificate given my the Banker and reconcile that with the amount appeared in Form 16A or 26AS. 

And offer the interest that actually accrued during the year if he follows the mercantile method of accounting

OR 

the amount actually received, if he maintains a cash method of accounting

 


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