Forgot claiming nsc interest in itr

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shobhit

248 Points Posted on 29 May 2017

FRIENDS,

I WAS HAVING 7 NSC WHICH I PURCHASED IN THE FINANCIAL YEAR 2011-12, AS I WAS NOT AWARE ABOUT THE PROVISION OF NSC INTEREST , I NEITHER SHOW IT AS INCOME NOR AS DEDUCTION FROM 80-C

BUT WHILE DECLEARING MY INVESTEMENTS TO THE DEPARTMENT I DECLARED MY FULL INTEREST OF 80000 APPROX. FORM 16 IS STILL PENDING YET.

NOW WHAT CAN BE THE BEST TREATMENT FOR THE NSC INTEREST IN FY 16-17...ALSO I HASNT FILE MY ITR FOR FY 15-16 ALSO....CONSIDERING BOTH THE YEARS..WHAT CAN I DO NOW TO TAKE THE MAXIMUM BENEFIT.

Replies (4)

For FY 2016-17 while filing your income tax return you may consider the income and deduction. If you wish to file return for FY 2015-16 You may file in the same manner but penalty of Rs 5000 may be imposed

shobhit

248 Points Posted on 30 May 2017

sir financial year 15-16 returns are still filing , no penelty imposed... but for nsc interrest dont u think we can just show interest in o/s and same in 80 c for the year.... how can i claime accumulated total of that in final year .

Poltu Ghosh

Job

1103 Points Posted on 30 May 2017

penalty will be imposed by AO after you file return

J S BHAVSAR

CONSULTING

1015 Points Posted on 30 May 2017

Actually what Income tax department may do, it will allow filing of return, process it and after they realise its late, Rs 5000 may get added as "amount payable" and you may see some kind of communication in your efiling portal with demand of Rs 5000 outstanding.