Press Information Bureau
Government of India
Ministry of Finance
23-March-2016 17:29 IST
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 to www.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.
No comments:
Post a Comment