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BDT Asks Taxpayers To File Correct Interest Details
March, 28th 2016

The Central Board of Direct Taxes (CBDT) on Wednesday asked taxpayers to file correct details of interest received from term deposits for the assessment year 2014-15 on or before March 31, while filing their Income Tax returns (ITRs).

The Board has also asked the assessees to revise their ITRs for assessment years 2014-15 and 2015-16 if the return already filed does not include taxable interest income.

“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 March 31, 2016, in case their total income exceeds the maximum amount not chargeable to tax,” CBDT said.

It also advised assesses to file return of income for assessment year 2015-16, by including taxable interest income till March 31, if any, and avoid penalty U/s 271F.

CBDT said 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 revise their return of income for assessment year 2014-15/2015-16 if the return already filed does not include taxable interest income,” CBDT said.

It said that Form 26AS reflects only those payments on which tax has been deducted and it can be viewed by the individual tax payer by logging on to www.incometaxindiaefiling.gov.in.

CBDT has also advised tax payers to contact Assessing Officer or the toll-free number 1800-180-1961 for further details.

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