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Inconsistency between form 16 and form 26as (tax credit)

Deepak (acd) (31 Points)

30 July 2013

Hi,

I have a FD in SBI and they have deducted Rs. 1875 as TDS for AY 2013-2014. I have downloaded Form 26AS (Tax Credit) from e-filling website of IT Dept. and the TDS amount (1875) is mentioned in it. But I didn't include the interest earned on this FD on my income details given to my office. I didn't mention it while filing ITR-V also as I am filing for first time and didn't know about these things.

Now is there a possibility that IT people will deduct TDS again for this FD or impose any penalty on me? Do I need to file revised return? Please guide me. My total income is under Rs. 500000.

Regards,

Deepak

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3 Replies

VIDYA BHOSALE (Accountant) (44 Points)
Replied 31 July 2013

You have to revise the ITR by including the interest income and also can claim the corresponding tax deducted and you can do so as you have filed the original Income tax return within the due date. No peanalty will be levied.

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Deepak (acd) (31 Points)
Replied 01 August 2013

Thanks Vidya. But can I claim the deducted Tax? My income is more than 2 lacs and SBI has deducted the TDS correctly. Please clarify.

neetu (CA) (91 Points)
Replied 01 August 2013

If your income from salary is taxable then you cannot claim any refund of the TDS of your FD. In this case it seems that the tax deducted by SBI is correct and you have to only file the revised return with this income included therein.