G Kumar (Retired) 12 October 2010

Reg. TAX

Dear Sir,

I am a pensioner and invested retirement savings in a bank FD in Feb 2009 (for 1000 days). While Filing ITR for 2008-09 and 2009-10 I have not shown the interest on FD. The bank have deducted TDS on the interest. Do I now show the interest of FD on its maturity in ITR? Will I get relief on tax that is already been cut through TDS?

I also have auto-sweep account of SBI bank (started in June 2009). Do I need to show interest on it every year in my ITR? I have also not shown in ITR for 2009-10. How should i tackle it now?

Somebody suggest to file revised ITR. Can I fill it now.

Regards,

G. Kumar

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1 Replies

R.Ramachandran (Advocate) 12 October 2010

In terms of Section 139(5) of the income Tax Act 1961

If any person, having furnished a return under sub-section (1) discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier

In your case, you have made the FD deposit in the month of February 2009. That means the previous year is 2008-2009 corresponding to Assessment Year 2009-2010. Therefore, expiry of one year from the end of the relevant assessment year would mean 31st March, 2011. In case the assessment for the AY 2009-2010 has not been completed so far, you can file your revised return.

Similary for the AY 2010-2011 also, you have time and you can file the revised return, provided the assessment has not been completed so far.

In both the cases, you will be entitled to take credit of the TDS deducted by the banks.