Income Tax on FD and TDS

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  1. Shubhabrata Khan

    Shubhabrata Khan New Member

    Sir,
    My father has deposited Rs.10 Lacks amount as FD in the last 7 to 8 years with Maturity value on My name(1st Holder) and my Mother's Name. It was not known to us and after the death of my father we came to know about the FD. The TDS has been deducted regularly. Now I have dissolved the FD and transferred it in a savings account where my Mother is First Holder and I am joint holder.

    In my Income tax return I have not been able to show it as it was not known to me. Also I have not been able to figure out the particular FD details in his income tax return as well.

    Kindly advice what I should do now legally to streamline the process.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Dear @Shubhabrata Khan

    This income should have been disclosed by you in the year in which it was earned and tax should have been paid accordingly.

    As you the same has not been done by you, you can revise the return of previous years and disclose the interest amount in the income tax return for the year in which the interest was earned.

    You can refer this link on how you can revise your income tax return - http://www.charteredclub.com/revised-return/
     
  3. Shubhabrata Khan

    Shubhabrata Khan New Member

    Thank you for the advice sir.

    Kindly guide me further as the FD has been initiated in year 2007, after that it has been reinvested and finally matured in 2014. As the PAN was not been updated so the TDS has been deducted. In case of revised Income tax return now how I will be able to show the Income tax on my Interest Income for the last 7 years on the FD.

    Also how to show the source of Income of the FD when it has been initiated in 2007. And as my father is no more it's not possible to disclose the earning source.

    Kindly advice.
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    This FD has been gifted to you and therefore you can simply show it as a gift received from parents.

    In which year has the TDS been deducted and as the PAN Card has not been deposited - has it been deducted at a rate of 10% or 20%?
     
  5. Shubhabrata Khan

    Shubhabrata Khan New Member

    Sir, I will get back to you tomorrow after get all the details.
     
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