How much income do i need to show on my pre-closed fd?

Tax queries 497 views 6 replies

Anurag Arora

Student

30 Points Posted on 26 June 2014

I had opened an FD in the Aug 2013. By 31st March, the accumulated interest in the same was Rs 12000. The bank dutifully deducted the TDS of Rs 1200. In May 2014, I had to pre-close the FD. After the penalty and reduced rate of interest, I got a net credit of Rs 8000 approx.

My question is how much income from FD I have to show in IT return. I don’t know if I can show Rs 12000 because that would have been the income in case I did not break FD. Since I did break, my net income became Rs 9200 (8000 + 1200); the total amount credited plus TDS. This income too is spread over 2 financial years. So, what amount forms the income of last financial year. The bank could not give help.

Replies (6)

Devendra

Chartered Accountant

4780 Points Posted on 26 June 2014

Interest receive from date of opening the FD till 31st March 2014 shall be shown as income in the ITR of A.Y 2014-15. The remaining interest shall be shown in next year's ITR.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 26 June 2014

you will receive form 16a from bank for fy 13-14. while filing your return you are required to show interest income as mentioned in form 16a and claim tds.

Mihir

Wealth Manager

5293 Points Posted on 27 June 2014

Ask the bank to give you form 16A. It will give all the details for your record.

CA Pooja Sharma

Chartered Accountant

192 Points Posted on 27 June 2014

Agree with Aditya. Refer Form 16A or 26AS , it will provide better information.

Anurag Arora

Student

30 Points Posted on 28 June 2014

I had already taken form 16A from bank and after looking at the form I had this query because the amount shown in that is Rs 12000, which was the accrued amount till 31st March. But since I broke FD in May, due to reduced interest and penalty I received only 8000 in total. So, that was my question, how much actual income do I need to show in ITR?