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TDS from bank FD adjustment.
TDS has been deducted against bank FD in one bank while other interest income from other bank is also present. All the interest is declared in other income as required. In the TDS page, one has to enter the income head against which the TDS is to be adjusted and the amount. The head in this case would be Other income and the amount should be the total other income? Request experts to kindly let me know if this is correct or wrong please.
Replies (5)
ALL YOUR INCOME FROM BANK INTEREST WILL BE CHARGED UNDER INCOME FROM OTHER SOURCES HEAD......PLEASE CROSS CHECK YOUR 26AS WITH YOUR INTEREST INCOME ....WHILE PREPARING YOUR RETURN ....
Yes but besides declaring all interest income under other income head, in the tds page the other income has to be entered again. Here on the tds page, the same total other income has to be entered or only the interest amount on which tds has been deducted sir?
"only the interest amount on which tds has been deducted"
on TDS page, you enter details as per form 16/16A you have received.
You need not match total other incomes with it, as you may have some incomes without tax deduction.
Thank you very much Manishji. Highly obliged for your kind guidance.
You're welcome Basant Ji
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