How to show Interest Income in ITR?

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  1. Samay

    Samay New Member

    Hi,
    I am a employee in a private sector company. I am filing my ITR for AY 13-14. I have following queries. Please help. Thanks in advance.

    1. How to show interest received on saving bank account. (it is less than 5000)
    2. How to show interest received on PPF account. (Rs 7500)
    3. As per my calculation i have to pay balance tax of Rs 14000. Should i pay tax 1st and then file ITR or it can be paid after filing ITR.
     
  2. Neha Sharma

    Neha Sharma Active Member

    Dear @Samay

    Interest income is mentioned under head Income from Other Sources. You will first mention Interest on Savings Account under head Income from Other Sources and then claim deduction under Section 80TTA

    You'll first have to pay tax, and on payment of tax - a challan would be generated and you would be required to mention this Challan No. in the Income Tax Return
     
  3. Samay

    Samay New Member

    Thanks Neha. Could you please also help me to tell the significance of "Total Amount Paid /Credited" shown in the Form 26AS.
     
  4. Karan Batra

    Karan Batra Well-Known Member

    Total Amount Paid/Credited is the total amount that has been received by you, and

    Total Tax Deducted is the TDS on the Total Amount received
     
  5. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    @Samay

    Answering to your Queries :

    1) Interest on SB A/c.
    --- Show Amount Actually Received under "Income from other Sources"
    --- & than, Deduct the amount actually received or Rs. 10,000 whichever is lower under Section 80TTA, as Deduction u/c VI-A.

    2) Interest on PPF A/c. is exempt, but need to be shown at "EI" ie Exempt Income Schedule in ITR-2.
    --- There may be PPF Contribution by you in the year. So the Contribution Amt can come as Deductions u/s. 80C, u/c. VI-A.

    3) Always Pay Tax First. On payment you will get Challan. Challan Details are required to be filed in ITR.

    4) "Total Amount Paid" in 26AS means = Amount what you Received + T.D.S. Amount.

    5) You are required to fill ITR-2 since your Exempt income is more than Rs. 5,000 /-

    6) You are requested for the purpose of Computation of Salary, Please Refer - Form 16, issued by your Company.

    * * Please note, the Income what you declares in ITR, should be equal to or more than Income in Form 26AS or 16. As E-Return are process on Computer at CPC. And A.O. will not doubt on your return.
     
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