Sweep transfer itr filing

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85 Points Posted on 16 December 2020
suppose from my ac balance above 1 lakh automatically transfer through sweep transfer and i earned interest over that
balance - 120000
sweep transfer as above 1 lakh = 20000
earned interest 1400

then in which section i have to file this amount
and under which section i can claim deduction in itr
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On 16 December 2020 at 18:56 Report
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This discussion clarifies how to report interest earned from sweep transfers in your Income Tax Return (ITR). Sweep transfers are treated similarly to Fixed Deposits (FDs), meaning the interest earned is taxable. You should declare this interest under 'Income from other sources'. Currently, deductions for FD interest are only available to senior citizens under Section 80TTB.

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Manager-Accounts & GST Consultant
5124 Points Posted on 16 December 2020

Sweep transfer are more or less like FDs. Int on FD is fully taxable

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On 16 December 2020 at 21:02
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85 Points Posted on 16 December 2020
Then where i have to show the interest of fd in itr 1
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On 16 December 2020 at 21:49
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234 Points Posted on 16 December 2020
It will be shown as Income from other sources. The deduction for FD Interest is presently available only to senior citizens u/s 80TTB
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On 16 December 2020 at 23:56

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