banner_ad

Form26as - tds from fd not considered while filing itreturns

TDS 524 views 3 replies

Hi,

I have some FD's and due to which TDS of Rs.5000 was deducted by Bank and the same is reflected in my Form26AS (Financial year - 2013-14).

I was not knowing about this and hence I didn't file income tax for the income from FD interest.

I come under 30% income tax slab. As bank has deducted 10% as TDS, I think I need to pay 20% of FD interest as income tax.

I have following 2 queries,

  1. As I have already filed IT returns for financial year 2013-14, how can I pay the 20% tax (on FD interest) that I have missed to pay?
  2. Do I need to pay any penalty?

 

Thanks in advance,

Vinod Kumar M J

 

Replies (3)

If you have filed the return on time (as per S. 139(1) then you can revise the return and therein include the interest in the income and claim the corresponding Tax deduction. When you will be entering these information the interest will automatically be calculated alngwith the tax. You can pay this by challan [280] and then put the details thereof in the return and file.

Include that income and revise your returns and then you have to pay 234interest and if the original return is furnished within filing timelimits then no need of penalty.

in addition to reply of 'Z' ,if your total deduction u/s80c is <100000 than balance will be claim as a f.d interst & give tax effect accordingly.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details