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Query regarding IT Return

Debashish (Consultant) (66 Points)

07 December 2020

Hi,

I have not been filing my IT returns since leaving my job quite a few years ago...because my annual income is now well below the taxable limit. However, in April 2019, I made a fixed deposit of Rs 9 lakhs from the proceeds of my PPF (public provident fund) account on its maturity. Since the bank has deducted tax on the interest from this FD, I filed my IT return this year in order to claim a refund.

My query is this: Since the IT form, Form 16 A, or Form 26AS do not reflect the source of the Rs 9 lakhs anywhere, will it create a problem with the IT department?

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5 Replies

JATINDER KUMAR (Accountant) (3662 Points)
Replied 07 December 2020

No.......

If department ask, you can produce proof of source

1 Like

ATUL Y (574 Points)
Replied 07 December 2020

It will not crate any problem as you have income from PPF so no need to worry.

Debashish (Consultant) (66 Points)
Replied 07 December 2020

Thanks for the responses. Just to clarify....There was no interest income from the PPF account in 2019-20. I just closed it on maturity in April 2019...and created an FD from the matured amount. What I meant was in my IT return form, the Rs 9 lakhs from the old PPF is not declared anywhere....I only declared the interest income from the new FD and the tax deducted. I am assuming that won't be a problem, right? And if asked, I can produce the old PPF passbook and the bank statement.