Press
Information Bureau
Government
of India
Ministry
of Finance
Inclusion
of Interest Income in the Return of Income filed by Persons liable to Pay
Tax
Information regarding interest earned by individuals and business entities on
term deposit is filed with the Income Tax Department by banks including
co-operative banks and other financial institutions and State treasuries etc.
Form 26AS reflects only those payments on which tax has been deducted and it
can be viewed by the individual tax payer by logging in towww.incometaxindiaefiling.gov.in.
The information about interest payments without deduction of tax is also filed
by the payer with the Department.
Central Board of Direct Taxes(CBDT) hereby informs the
persons earning interest income that interest credited/received on deposits is
taxable unless exempt under Section 10 of the Income-tax Act. Such interest
income should be shown in the return of income even in cases where Form 15G/15H
has been filed if the earning is not exempt under Section 10 of the Income-tax
Act and the total income of the person exceeds the maximum amount not
chargeable to tax.
Tax payers are advised to collect correct details of
interest received or credited and
· file
their return of income for assessment year 2014-15 (if not filed already) on or
before 31.03.2016 in case their total income exceeds the maximum amount not
chargeable to tax.
· revise
their return of income for assessment year 2014-15/2015-16 if the
return already filed does not include taxable interest income.
· file
return of income for assessment year 2015-16, if not filed so far by
including taxable interest income if any, on or before 31.03.2016 and avoid
penalty u/s 271F.
For more details, you may contact your Assessing Officer or
Toll free number 1800-180-1961.
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