Answer for Taxation Queries

Satya.

Well-Known Member
#11
Sir,To file a FD Interest in return,do we take 26AS figure or a figure from interest certificate?
I mean Tax Paid/Credited column in 26AS you consider or from interest certificate?
 

canikhil

Well-Known Member
#13
Yes Sir.

They made 2 entries like this-

Part A-Details of Tax Deducted at Sources
32000rs------------Tax deducted 3500rs

Part A1-Details of Tax Deducted at Source for 15G-
30000rs-------------Nil

Either you give exemption from tax(15G) or Deduct the Tax(TDS)

so 26AS report wise,Bank gave me 32k+30k=62k Interest

But in their actual interest certificate they gave 28k tax(Int accrual+Int paid)

I talked with the Branch Manager,he said that it cant be reverted now.

My income is below 2.5L and I dont fall in audit case.So should I file a tax showing 62k as Interest and claim for a refund?
in your case being below the exempted limit, You can claim refund regardless of what interest you show. My advice will be to show the interest as per the interest certificate only.
 

Satya.

Well-Known Member
#14
in your case being below the exempted limit, You can claim refund regardless of what interest you show. My advice will be to show the interest as per the interest certificate only.
Nikhil Sir,if I show interest as per the interest certificate only,Wont it contradict with 26AS entry?
Chances of rejection of refund from IT Dept??possible?
 

canikhil

Well-Known Member
#17
Ok,so you mean 26AS is considered as Tax Deduction form only,not as how much a bank gave me an interest?
thats what Form 26AS is. while it has some persuasive value but not the final determinant of your income. There is no document with the bank or with you that shows transfer of Rs 62K as interest income. So doesnt matter what Form 26AS says, your actual income is what you should report.
 

Satya.

Well-Known Member
#18
thats what Form 26AS is. while it has some persuasive value but not the final determinant of your income. There is no document with the bank or with you that shows transfer of Rs 62K as interest income. So doesnt matter what Form 26AS says, your actual income is what you should report.
One more query Nikhil Sir.
I did only 8 trades in Future,other trades done in only Equity.My overall turnover is hardly 85000.
Can I skip this info in ITR and claim only TDS refund by filling ITR-2?
 

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