The revenue department has asked taxpayers to file correct details

The revenue department has asked taxpayers to file correct details of interest income for the assessment year 2014-15 on or before March 31, while filing their income tax returns (ITRs).

In a statement issued on Wednesday, the Central Board of Direct Taxes (CBDT) also asked the assessees to revise their ITRs for assessment years 2014-15 and 2015-16 if the returns filed did not include taxable interest income. 
"Tax payers are advised to collect correct details of interest received or credited and file their return of income for assessment year 2014-15 (if not filed already) on or before March 31, 2016, in case their total income exceeds the maximum amount not chargeable to tax," CBDT said.

It asked assesses to file return of income for assessment year 2015-16, by including taxable interest income till March 31, if any, and avoid penalty under Section 271F. CBDT said interest income need to be filed even in cases where Form 15G/15H has been filed if the earning is not exempt under Section 10 of the Income-Tax Act and the total income of the person exceeds the maximum amount not chargeable to tax.

"Tax payers are advised to collect correct details of interest received or credited and revise their return of income for assessment year 2014-15/2015-16 if the return already filed does not include taxable interest income," CBDT said. It said Form 26AS reflects only those payments on which tax has been deducted.

Useful links

Get in touch with us

Contact us

Aadhya Prakashan

"Kela Bhawan", 136, Vivekanand Marg,
Allahabad - 211 003 (U.P.)

Tel: +91-532-2564749 /
      +91-94152-67760
Mail: sales@aadhyas.com