Hello
I am Nitish from Haryana. I have 4 FD's in sbi bank which have time period for 15 months & 555 days.
The bank issued interest certificate for FY 2017-18 in form of interest projected and interest paid and total tax projected and total tax paid.
so I am very much confused how to show which interest in my tax computation or wii total of these two be show.
Interest Projected=21356
Interest paid=17356
Total tax projected=2136
Total tax paid=1626
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how to show accrued FD's interest & accrued TDS
Replies (18)
You can book the Interest receipt As. 17356...
TDS Rs. 1626...
TDS Rs. 1626...
thanks Raja P M.
But what is the purpose to show interest projected & total tax projected in interest certificate by bank
But what is the purpose to show interest projected & total tax projected in interest certificate by bank
pls use 26AS at the time of filing otherwise mismatch notice is issued
Yes...
You ll check your Form 26AS then you can get exact Solution...
Yeah...
The total interest will be receiving the periods of above said. But, Our FY will ended on 31st March. So, the banker calculated the Interest Upto 31st March and deduct TDS for the Interest...
My 26AS only shows 1626 Rs as TDS which is written in interest certificate as total tax paid but total tax projected which is 2136 Rs is not showing in 26AS form.
And I also want to know whether interest projected amount and tax projected amount belongs to that particular FY 2017-18 or not.
And I also want to know whether interest projected amount and tax projected amount belongs to that particular FY 2017-18 or not.
No....
You can't use the total projected interest and Tds amount. Bcoz, it's for 15 months and 55days. So, You can consume the between FY amount and balance will be next FY...
When You book Your FD?
I booked my following 4 FD's on Dated:
1) 11/01/2017 to 21/07/2018 for 555 days
2) 26/10/2016 to 27/01/2018 for 456 days
3) 06/12/2017 to 06/03/2019 for 456 days
4) 07/02/2017 to 08/02/2018 for 365 days
1) 11/01/2017 to 21/07/2018 for 555 days
2) 26/10/2016 to 27/01/2018 for 456 days
3) 06/12/2017 to 06/03/2019 for 456 days
4) 07/02/2017 to 08/02/2018 for 365 days
You can show TDS Rs. 1626 in FY 17-18 and Balance will be shows in FY 18-19....
so will balance tds be ( total tax projected - tax paid)?
As I simply said.,
In FY 17-18 (AY 18-19) you ll show the TDS Rs. 1626 and Interest as per Your transactions values.... Also balance TDS Rs. 510 show in FY 18-19 (AY 2018-20)
you should show interest paid and tax paid. amounts in return as they will be appearing in form 26AS
you should not interest projected and tax projected amounts as they are for the whole period of FD
you should not interest projected and tax projected amounts as they are for the whole period of FD
Ok. The tax part has been cleared.
But for computation of my total taxable income, which Interest part of interest certificate should be included in income from other sources as Interest income in FY 2017-18.
Interest Projected or Interest Paid
Interest Projected=21356
Interest paid=17356
Total tax projected=2136
Total tax paid=1626
But for computation of my total taxable income, which Interest part of interest certificate should be included in income from other sources as Interest income in FY 2017-18.
Interest Projected or Interest Paid
Interest Projected=21356
Interest paid=17356
Total tax projected=2136
Total tax paid=1626
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