Form26as - tds from fd not considered while filing itreturns

TDS 511 views 3 replies

Vinod Kumar

Lead Design engineer

24 Points Joined December 2014

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,

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?
Do I need to pay any penalty?

Thanks in advance,

Vinod Kumar M J

Replies (3)

Z

Tax Consultation (US and India)

2970 Points Joined September 2011

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.

Uttam

employee

814 Points Joined August 2011

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.