ITR filed with details under wrong head

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While filing ITR, my ITR filer added the "interest from saving bank" and "interest from deposit" and showed the total amount under column "interest from saving bank". So do I need to file an updated ITR(ITR U) or rectification request to show the respective income under correct field? Will it attract any sort of penalty? There is no additional tax here because the gross income is same as in original ITR. Just mentioned in under wrong field. The filed returns are from FY 21-22 and 22-23

Replies (10)
You need to file updated return as income will increase due to mentioning of income in correct head

How the income will increase? Suppose my saving interest is Rs x and interest from deposit is Rs y. Total interest income is (x+y). In the original ITR,  I mentioned (x+y) under savings and nil under deposit. I want to modify it and put x and y under respective heads. Total interest income would still be (x+y). 

@ Vishal Chaudhary,

How the income will increase?

We don't know how it's increse. Bcoz, You can't give the values of interest of SB and FD...

SB interest amount is available in deduction (some of available value) as SB interest.
But, in same time FD interest can't.

So, better to give values of separated...

Then You can get correct sollution from experts as per CA Rashmi Gandhi view..
If u have filed ITR as per new regime....without claiming any deduction??

Tax filed with old regime. Deduction of 50000 claimed under 80TTB for senior citizen. I believe 80TTB considers both saving and fd interest. So that should not be an issue and tax should remain same. Pls suggest

Then no issues ...no need to show seperately....tax will remain same....income will remain same....so no issues as well as U return can be filed only if income is escaped else can not be filed
What is amount of your fdr interest and saving interest???

Income will increase as deduction of FDR interest will not available but if assessee is senior citizen then the scenario is different.

Please give the above said details for exact reply.
Originally posted by : Vishal Chaudhary
Tax filed with old regime. Deduction of 50000 claimed under 80TTB for senior citizen. I believe 80TTB considers both saving and fd interest. So that should not be an issue and tax should remain same. Pls suggest

Now only, You ask with correct details.

We can't assume you ask the details with senior citizen filing...

The assessee is a senior citizen and (fd+saving interest)> 50000. He has claimed deduction of 50000 under 80TTB. Also response needs to be submitted as communication received from compliance team with regard to mismatch in interest from deposit(between itr and AIS) However it is just a error of mentioning income under wrong head without any additional tax to be paid. So need exact way to respond to it. Will it be ITR U or rectification request?

Pls refer below press release regarding such communication:

https://pib.gov.in/PressReleasePage.aspx?PRID=2009208

You can file rectification request if there is no addition in income.


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