Sir,
I am a tax payer. Last financial year I had a Fixed deposit at SBT. But i didn't enter the interest from FD in the tax return. Unfortunately i submitted the Form 15G before the bank when the bank officer asked me to do so. actually i was not aware about the rules for submitting form 15G at that time. My question is that, can i revise my IT return to disclose the additional income and pay the additional tax in order to avoid further legal action from IT department.
Hoping for your reply.
Thank u.
3 Answers
Hi,
Has your ITR for previous Financial year been processed?
Kindly read:
http://www.relakhs.com/recurring-deposit-taxes-bank-fd-rd-interest-itr/
If ITR has been processed then you can't REVISE it. However, you can RECTIFY your ITR if you receive any notice from the IT dept.
In case if you have renewed the Deposit then you can show the entire interest income on maturity instead of following accrual method.
Thank you sir for your valuable help
Please login or Register to submit your answer