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Interest income from Deposits

JaiGanesh (Employee) (27 Points)

19 June 2023

Hi,

How to fill the Income from bank FD deposits in other income in ITR

In my Form26AS it shows total interest earned as 91000.

but when I try to file ITR in Income tax site online, it shows prefilled data as 51000.

my question is whether the prefilled data is correct and should I deduct 40000 from 91000.

Thanks

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8 Replies

Mahesh Shah (2299 Points)
Replied 19 June 2023

No....edit and enter as per 26AS & AIS and compair with FD int certificate

JaiGanesh (Employee) (27 Points)
Replied 19 June 2023

Thank You.

the 26AS has both interest for FD with monthy interest and FD(interest payable at maturity)

should I take both interests or only what i received as monthly in my account.

Thanks

Mahesh Shah (2299 Points)
Replied 19 June 2023

I did not get your point

26AS must display int paid for respective finance yr & TDS

Now....income on int is taxable as & when recived & same is displayed in 26 /AIS with TDS

That amts r taxable

As your query on 26AS showing maturity I am not able to understand this part

JaiGanesh (Employee) (27 Points)
Replied 19 June 2023

Actually if we have 2 deposits

Deposit 1:

Deposit of 10 lakhs for 2 years and the interest is credited to my SB Account monthly.

Deposit 2:

Deposit of 5 lakhs for 2 years. After 2 years when the deposit closes i will get the interest.

for this should i file my interest amount of deposit 1 alone or deposit 2 also.

26AS shows both.

Mahesh Shah (2299 Points)
Replied 19 June 2023

In second case....deposit of 5 lakh for 2 yrs i.e cumulative fd, you will get FD int certificate from bank along with TDS

Same is reflected in 26AS / AIS

So now int income in sb ac for 10 lakhs plus fd int on cumulative fd of 5 lakhs ( as per int certificate from bank compared with AIS/26AS) to be added in fd int ( Inc from other source)

For 5 lakh fd....bank will issue int cert for fy 22/23....and same will be reflected in 26 AS

If int is less than 40000/- bank MIGHT not deduct TDS and reflect in 26AS

In such case add int on 500000 fd as per bank int certificate

Hope this clarifies

JaiGanesh (Employee) (27 Points)
Replied 19 June 2023

Thank You.

It clarified.

Thanks for you replies

jagdish chhugani (engineer) (736 Points)
Replied 19 June 2023

Simple bank always deduct TDS on acrual, if they not deducted TDS still you will see gross interest paid, some time you don't see interest paid in 26 AS, then add the interest amount in schedule income from other sourses from pass book entry, some time NAH bonds interest not reported by payer. So don't hide your income.