Should i declare interest earned and/or interest paid and/or interest accrued in itr?

Others 233 views 3 replies

Sanjit

not applicable

140 Points Joined September 2011

I would like to find this out once and for all....

My Fixed / term deposits sometimes have interest payout on maturity while others are payable quarterly. Some deposits are long term not maturing in the current financial year while others do mature during the financial year.

banks give me my interest certificates as requested by me.

Some banks like HDFC give figures of total interest earned and interest accrued - what to take in ITR? (my guess is interest earned as is probably includes interest accrued)

Others like greater Bank give figures of Interest paid and Interest accrued - what to use in ITR? (my guess is both)

Please confirm or guide me in this regard

Thanks

Replies (3)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208601 Points Joined July 2016

Practically, interest earned is same as interest paid, different banks adopt different nomenclature.

& interest earned does not include interest accrued, at least in these bank's statements.

So, for declaration in ITR sum up both the figures.

Chhalani and Associates

CA - www.cachhalani.com

142 Points Joined October 2014

Match interest figures with 26AS as well and then declare accordingly in the return.

Sanjit

not applicable

140 Points Joined September 2011

interest earned may not be the same as interest paid if interest is paid on maturity of such deposit which extends beyond the financial year under consideration

Cannot check with 25AS as amounts are less than Rs 10000