Revise IT Return for FY 2013-14 if you have not included Interest Income

The Income-tax Department has recently advised the taxpayers to file correct details of Interest income in Income-tax Returns. As Income-tax Return for AY 2014-15 (FY 2013-14) can not be filed/revised after 31st March 2016, Taxpayers are advised to revise the return before said date to include the Interest Income.

Some FAQs are provided below to help you.

Q1. What type of Interest Income is taxable?
PPF Interest and Interest on Tax Free Bonds is exempt from Tax. Taxpayer usually consider that Interest on NSC and Bank Saving Account Interest are exempt, but they are not exempt. Interest received on NSC is taxable, and same is allowed as deduction u/s 80C if same is reinvested and not withdrawn. Bank Saving Account interest is also taxable, a deduction is provided for same upto Rs 10,000/- u/s 80TTA, but same is required to be declared in the return. Please note that Interest received on Fixed Deposits, Recurring deposits, Infrastructure Bonds, Senior Citizen Saving Scheme are always taxable.

Q2. How to know if I have missed to enter my interest income?
One can avail the details of Interest income from Form 26AS, where Interest Income on which TDS is deducted can be found. Also Interest Income where Form 15G/15H is provided is also available in Form 26AS.
It may happen that TDS is not deducted on Interest where you have submitted Form 15G / 15H. these details of such Interest can be found in Form 26AS. There may be other Interest income on which no TDS is deducted and as a result it is not included in your form 26AS, such Income should also be included. The details of such Interest Income can be sought from your Bank Statements or other sources.
One should check if these Income’s are included in the original return. You can get details from your myITreturn login if filed from myITreturn. In other cases, you can details of your Original Return from your Income-tax Login @ www.incometaxindiaefiling.gov.in

Q3. How to file a revised return?
You can revise your return of income from myITreturn with ease.
Here is a step wise guide to file IT return: Income tax return filing presentation
The page where it asks for whether the return is Original or Revised, you just need to select Revised option and enter old acknowledgment number.

Q4. Why should I file a revised return?
If you have wrongly missed something while filing your Original Return, you should file a revised return after including/correcting same. E.g. If you have missed to include your Bank Fixed Deposit Interest Income, you should include same and file the revised return.

Do remember to collect the correct details of Interest received or credited in your bank accounts and include the same while filing Income-tax returns in case your total Income exceeds the maximum amount of not chargeable tax limit.

Although the last date of filing returns for AY 2015-16 is 31st March 2017, Taxpayers are advised to file their Income-tax return for AY 2015-16, by including taxable interest income, if any till 31st March to avoid penalty u/s 271F of Rs.5000.

In case of queries, CBDT has asked the taxpayers to contact Assessing Officer or dial the toll-free number 1800-180-1961 for further details. In case, you have any queries, relating to this topic or any other Income-tax related topic, reach out to us at myITreturn@skorydov.com

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Revise IT Return for FY 2013-14 if you have not included Interest Income
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The Income-tax Department has recently advised the taxpayers to file correct details of Interest income in Income-tax Returns. As Income-tax Return for AY 2014-15 (FY 2013-14) can not be filed/revised after 31st March 2016, Taxpayers are advised to revise the return before said date to include the Interest Income.
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4 thoughts on “Revise IT Return for FY 2013-14 if you have not included Interest Income

  1. R. Jhunjhunwala

    I am an NRI since Nov 2016, having job in USA. Before leaving India I filed my tax return in India and assessment completed upto Asst Yr 15-16. I had bank accounts as Resident which I have now converted in to NRO accounts. I have fixed deposits linked with my bank account. The bank now says that TDS on interest shall be at 30% although I have PAN card and some other income shall continue to accrue to me and I shall be filing my return in India in future also. Please inform whether bank is eligible to deduct tax @ 30%.

    Reply
    1. myITreturn Team - DP Post author

      Dear Sir,
      As per the income tax provisions, rate of TDS in case of non resident for ” Income in respect of investment made by a Non-resident Indian Citizen” is 20% .So, please advise your bank to deduct the tax at 20% and not 30%.

      Reply
  2. Nishant

    Hi,
    I had FD opened in 2010 for 10k which got matured on jan 2016 with 15k. Do i only need to declare 5k which is interest under ” Income from other sources” or entire 15k. Please advise.

    Reply
    1. myITreturn Team - DP Post author

      Dear Sir,
      You need to declare only interest income under income from other sources and make sure that the TDS implications are considered on your interest.

      Reply

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