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G Kumar (Retired)     24 May 2012

Fd interest not shown

One of my FD matured in May 2009. I have not included the interest income in ITR for 2009-2010. The interest amount is Rs. 65000. How can i now show this interest amount in ITR. I am ready to pay penalty.



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 4 Replies

Kumar Doab (FIN)     24 May 2012

It is fel that you can revise your ITR.

Valuable advice of learned experts/members is sought.

A V Vishal (Advocate)     25 May 2012

You cannot revise the return of F Y 2009-2010 now, only recourse is include it in current year's income and offer tax on the same, further your query is silent whether any TDS was done on the same.

C. P. CHUGH (Practicing Lawyer)     30 May 2012

There are many avenues of your query. As a matter of fact you was required to include interest on fixed deposit in your annual income on year to year basis. The bank also would have deducted tax on year to year basis.

If you have not included the interest amount in your annual income and have preferred to include the same at the time maturity, which again you failed to do so, now only option before you is make a confessional statement before the AO and ask him to issue notice u/s 148 so that you can file your return afresh after including the so called interest income.

R RAJAGOPALAN (ADVOCATE)     18 August 2012

First, get a Certificate of Interest paid, from the Bank. If you have not maintained any accounts for bank interest receipts, the interest receipts are assessable spreading it for the various financial years. Ask the Bank to give u the Certficate showing the Financial Year-wise break up of the total interest. 

Then you file revised returns for the various Assessment Years involved. If you file the returns voluntarily, without waiting for the Assessing Officer to issue you the notices, you may get a lenient treatment in the matter of penalty.


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