Filing of ITR

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  1. INVESTURU

    INVESTURU Member

    Sir, i have filed ITR of Rs. 1500 and Rs.2000 for the assessment year 14-15 and 15-16 respectively. But at the time of filing of ITR, in my bank accounts and mutual funds, there is a presence of total funds including interest amounting to Rs. 105000. Here bank accounts also includes FD/ RD/ TD along with SB. Now, i want to know, whether the i need to file revised return, as i had filed return with lower amount. Or file return of Correct amount in AY 16-17.
     
  2. ZED

    ZED Well-Known Member

    105,000 is the interest amount or its inclusive?'
    If the amount is small and tax has been paid accurately then you may ignore filing a revised return. Otherwise I would recommend revising it.
    Do not forget deduction u/s 80TTA for upto 10,000 for interest income from SB account.
     
  3. INVESTURU

    INVESTURU Member

    105000 is combined total of principal amount and interest amount. also, my total interest is less than 10000 i.e. within the limits of Section-80TTA.
    Also, please tell me the treatment of income of FD which is jointly in my own name and my brother. The amount is inherited to me and my brother from our grandfather account.
     
  4. ZED

    ZED Well-Known Member

    Only interest amount is the income which needs to be disclosed.
    Remember only the interest from saving bank is allowed to be deducted u/s 80TTA.
    What does the nomination says in this regards? If both of you are entitled to this money then its of both of you (in your respective ratio which by default would be 1:1) and should be disclosed in the return.

    Interest income from FD is not eligible for deduction u/s 80TTA.

    There is no income when the amount is transferred from your grandpa's account to yours. This is a case a devolution of an estate.
     
  5. INVESTURU

    INVESTURU Member

    Now, with how much money, i should file our ITR.....for AY 16-17
     
  6. ZED

    ZED Well-Known Member

    Consider the interest part only as income.
    Appropriate it towards your income and your brothers.
    Show the respective income in the hands of respective assessees.

    [Principal amount is not to be considered]
     
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