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Income Tax Department issued a circular, asking all the individuals and business entities to include their Interest Incomes in tax Return and also pay the tax on the same. Notably, the circular also clarified that if you have filed the returns without declaring such interest incomes, than you are required to revise the same and declare all the interest incomes.
Following is a list of taxable interest income:
Interest on Fixed Deposits
Any interest on recurring deposits
Interest received from savings account with Banks, co-operative banks or post office
Interest on different bonds
Sum of interest earned on Post office deposits
Interest on National Savings Certificate and Kisan Vikas patra
The department gets information on interest earned on term deposit from banks including co-operative banks and other financial institutions etc. And Your Form 26AS will only reflect the interest incomes on which TDS has been deducted.
Therefore, department has asked all the taxpayers to declare the interest incomes on which TDS has not been deducted. Let’s take an example: Mr. Raj has interest income from saving bank account and TDS is not deducted from it, even then it is required to be declared in Mr. Raj’s income tax return.
In case you have filed Form 15G/15H but your total income for the year exceeds Rs. 2,50,000 than in that case, you’ll have to include the interest income in the return for which you gave form 15G/15H. Such interest will be taxable even though TDS has not been deducted on the same.
You need to declare your interest income in following cases:
When interest income is not exempt under section 10 of the Income Tax Act.
When Form 15G/15H has been filed by you but interest earned is not exempt under section 10 of the Income Tax Act and total income of the person exceeds Rs. 2,50,000/-.
Consequently, taxpayers are required to gather the details about the interest received or credited to their account and
File the return for Assessment year 2014-15 on or before 31st March, 2016 (If you have not filed already)
Revise your income tax return for Assessment year 2014-15/2015-16 without If you have already filed the returns without including the taxable interest.
File the return for Assessment year 2015-16 on or before 31st March, 2016 (If not filed already) and include the taxable interest if any. Make sure to file the return by 31st March, 2016 to avoid the penalty of Rs. 5000 under section 271F.
