Why is interest on savings bank interest under 80TTA not autofilled in ITR1 for assessment year 2021

1141 views 7 replies

jraju

Others

283 Points Joined March 2014

Hi, It is well known that Income Tax has supplied prefilled data for filing income tax online

While the Form No. 26As inclulde, and which forms the basis for prefilling the form at their site,we find the details on interest accrued and interest paid on FD, as other source of income as one of the prefilled item.

But I do not find the interest on savings bank account paid to the individuals prefilled to be claimed as exemption under 80TTA,

For accuracy prupose, and for standard practice , this item also need to be prefilled as individual would find it to difficult to cull out this information correctly from their passbooks.

Moreover, this convey a meaning that nobody gets any sort of interest on savings bank account.

The interest from savings bank account has to be shown as other income and then this has to be claimed as exemption under 80TTA.

would anybody say, why this is not found in prefilled ITR 1 for salaried person for the assessment year 2021-22

Replies (7)

jraju

Others

283 Points Joined March 2014

HI, i also wish to add that some persons have more amount in Savings Bank.

Samantha J

1236 Points Joined March 2019

The software has been developed by B.Tech degree holder.Had it been developed by B.E. engineering holders this gross error would not have occurred!
Today,we are in an age where people don't know the difference between diploma,B.Tech and B.E degrees.Thus, we live in a world where such errors will occur.Everyone has 99/100 % in boards!

jraju

Others

283 Points Joined March 2014

HI, samantha, this is a general information.

But are there instructions to this effect to the banks to send those details as to be sent to the centre to which the inerest on FD and other details are updated by Banks.

Or is there a thought, that as long as Rs.10000 is not paid as interest in savings bank account, this need not be filled because , it is to be shown as additon of income from other source, and then deleted as exemption under 80 TTA. But accounts is accounts , and I think that Income Tax Authorities to see that form no 26 As is filled in all respects.

Even salary in 26As is left as blank, for some cases, where it is to be inferred that the Pan holder do not have any salary for the year. Meaning less form no 26 as.

But experts here may have some other valid reason for this which i want to hear about

ramdoss m

123 Points Joined March 2021

Banks usually don't update quarterly SB interest to reflect in 26AS. But the Annual Information Report contains total SB interest credited to the depositors. Wherever it exceeds Rs.10000 and tax payers not disclosed the same are sent notices under E- Compliance by IT dept.

jraju

Others

283 Points Joined March 2014

This is a general information. My query is why it is not reflected in form No 26 AS. as in the case of FD interest

ramdoss m

123 Points Joined March 2021

Banks are not liable to deduct TDS on SB interest and hence they are not reporting the same in 26AS. Some banks show the SB interest in the Annual Interest Certificate issued to depositors

jraju

Others

283 Points Joined March 2014

Is it so. Will it not be a misinformation that the depositors do not get any kind of interest on savings bank? While they inclulde the interest on FD irrespective of the fact that it is deducted or not, why not savings bank interest is not reflected in form No.26As. I think Form No. As is given by the Income Tax Department.Prefilled form include all the data including savings bank account.

I already said that some individual has more money in savings bank account