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!!
Menu
Interest income from friends.
Replies (4)
Quick Summary
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
Recent Topics :
- Criteria to hire an article
- Guidence requested for a Finance Professional with
- Expert Opinion Required – Form 140 Gross Amo
- WRONG TAX DEMAND - formal responses , rectificatio
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
- TAN REGISTRATION ON E-FILLING SITE
- Form 10-IEA – Continuing Old Regime
- Income tax act 2026
Related Topics :
CAclubindia
