Friends,
Suppose a salaried tax payer has some interest on FDs with banks on which tax has ben deducted by banks.
Naturally the same is reflected in 26AS. But as the assessee has not realised the interest in cash in his savings account as the FDs are not yet matured, he files his return without showing interest income and without claimimg TDS.
Will the CPC while making an assessment under section 143(1) add the interest income and tax credit to the salary income as filed in the ITR ?
Regards,
AS PER MY KNOWLEDGE AN INDIVIDUAL WILL GET A NOTIFICATION FROM CPC REGARDING PROPER CALCULATION OF HIS INCOME WHETHER RECEIVED OR RECEIVABLE AND FILE THE ITR ACCORDINGLY.
Dipjyoti
Manoj is absolutely right. so you should file revise return if the original return was filed in time provided u/s 139 (1).
but now again what if original return was not filed belated.?????
Manoj and Sudeshji,
What would be the Dept.'s view if it notices that due to inclusion of interest income the tax payer falls into 20% tax bracket. I do not wish to discuss about the option of filing revised return. Consider, as if the original one was a belated return.
Regards,
CAclubindia
