Hi Members,
For ITR filing-
Under interest income what details need to be included?
please advise
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You can have three types of Interest Income. Please add respective interest in particular head only.
1. Interest from Savings Account
The first option from the drop down menu is ‘Interest from Savings Account’. Under this, you are required to enter the total amount of interest received from all the bank savings accounts and post office savings account held by you during the year.
To get this information, you can either check the savings account interest entries in the passbooks of all the bank accounts and post office accounts held by you during the year visit the bank or post office branch to collect the interest certificates.
Nowadays, one can also download interest certificates via the Net banking facility.
2. Interest from Deposit (Bank/Post office/Co-operative society)
If you have invested in fixed deposits, recurring deposits (RD) with bank/post office or any scheme of the post office like the Post office Time Deposit (POTD), Post office Monthly Income Account (POMIS), Senior Citizen Savings Account (SCSS) and so on, then you will have to select the second option from the drop down menu.
In this row you are required to enter the total amount of interest received by you from various deposits in FY 2019-20. You can visit your bank branch or post office branch to collect the interest certificates for the same. If the TDS is deducted from your interest payment, then bank/post office is required to issue you Form-16A providing the details of interest paid and tax deducted during FY 2019-20.
3. Interest from Income Tax Refund
As per the Income Tax Act, tax refund received by you is not taxable in your hands but the interest received on it is taxable. The interest on income tax refund is paid by the department if the refund amount is more than 10 per cent of the tax paid.
You can check the interest amount received by you from Form 26AS. It shows the amount of refund and interest paid on it separately.
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