Hello Sir / Madam,
Greetings! My client is a salaried person. His Net monthly salary is Rs. 51,000 (after PF,TDS). He has gave a loan to his two friends total of Rs.8 lakhs. He got the monthly interest of Rs.1,06,000 credited to his bank account (SB a/c). So his annual gross interest is Rs.5,13,000 (only received for 6 months) for this year. Where & How should show this income in ITR? Note: No TDS amount was deducted for the above mentioned income.
Thanks for Advance!!
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Interest income from friends.
Replies (4)
Consider it under income from other sources and pay income tax with I retest and file ITR
Other Source
No TDS is deducted in the amount given above. Does this cause any problems?
First thing - Whether Tds deducted & not credited? or
-Whether Tds not deducted & not paid?
For which year?
If it is for FY-2019-20 then you may pay advance tax before 31.03.2020 to avoid interest.
If it was for earlier years then you may have to pay interest for delay
-Whether Tds not deducted & not paid?
For which year?
If it is for FY-2019-20 then you may pay advance tax before 31.03.2020 to avoid interest.
If it was for earlier years then you may have to pay interest for delay
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