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


Sanjit (not applicable)     30 April 2019

Sanjit
not applicable 
 93 points

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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

 

avater

Dhirajlal Rambhia (KVO Merau Kutchh)     30 April 2019

Dhirajlal Rambhia
KVO Merau Kutchh 
 9222 likes  93315 points

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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)     30 April 2019

Chhalani and Associates
CA - www.cachhalani.com 
 9 likes  133 points

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

Sanjit (not applicable)     01 May 2019

Sanjit
not applicable 
 93 points

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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


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