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INTEREST ON PREVIOUS YEAR INCOME TAX REFUND AMOUNT

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trnghosh

sr asst

210 Points Posted on 28 June 2024

My son got income tax refund amounting to Rs 16140 in previous year and so far my knowledge interest on this amount is taken as income for this Assessment Year. While trying to fill up his e return I could not find the appropriate place to put the interest amount, moreover I do not know the interest amount. Can any one tell me from where I can get this interest amount and where I have to put this one. There is one tab " Add another income" and inside their there is a place to put the total amount of previous year refund amount not the interest amount. Can anyone give some idea on this .

Thanks in advance.

Replies (5)

Quick Summary

A user is seeking guidance on how to declare interest earned on a previous year's income tax refund for the current assessment year. They are unsure where to input this interest amount when filing their e-return and how to obtain the specific figure. While suggestions included checking TIS/AIS reports and specific ITR schedules, the user found no such information, especially as they use ITR 1 for salaried income. Another user mentioned that ITD hasn't issued Form 16A for this interest TDS, and the interest might appear on the refund intimation notice or AIS, but the original poster confirmed they only received the refund amount, not any interest.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121534 Points Posted on 29 June 2024

1. For interest amount check TIS/AIS report.

2. Fill the same in ITR 2/3 (as applicable) in Schedule OS,, Column 1 (biii).

trnghosh

sr asst

210 Points Posted on 29 June 2024

Nothing in AIS/TIS , I have checked both. Being a salaried person he use ITR 1 Form.

Thanks for responding, will welcome others for their response.

Thanks.

Shau Ram

Hardworking

29 Points Posted on 29 June 2024

Not of any help to as I am also looking for answer as ITD haven't issued FORM16A for this interest TDS component.

On your other queries - This interest TDS will be appearing as separate line item on REFUND INTIMATION notice as well as on AIS (not as TDS section but just refund line items - one for overall interest and second for TDS part).

spatel

Engineer

92 Points Posted on 29 June 2024

For this you have to check that, you actually received refund amount mention in ITR or received refund with interest. There is some rule that interest only paid in certain condition. Not expert though in this area.