Interest Income for IT Return

POSTED BY Anirban Ghosh ON June 8, 2012 2:24 pm COMMENTS (4)

While filing IT return for calculating the income from bank interest (savings + term deposits), is it the total of the column 506 (Amount Paid/Credited) in Form 26AS for rows which say section 194A or is it 10,000 less than the aforementioned total?

Will really appreciate If someone can clarify this point. Thanks.

4 replies on this article “Interest Income for IT Return”

  1. Anirban Ghosh says:
    June 8, 2012 at 4:18 pm

    Thanks BanyanFA, that is the amount credited to my bank account.

    However my doubt is how to compute the amount of interest earned from bank for IT purpose. Is it the summation of the column 506?

    Reply
    1. Ashal Jauhari says:
      June 9, 2012 at 12:06 am

      Dear Anirban Ghosh, the summation of column 506 i.e. gross Interest is your actual interest income & same should be put in your ITR.

      Thanks

      Ashal

      Reply
      1. Anirban Ghosh says:
        June 9, 2012 at 12:11 am

        That answers my query perfectly. Thank You Ashal Jauhari.

        Reply
  2. BanyanFA says:
    June 8, 2012 at 3:49 pm

    The amount mentioned in Form 26AS in column 506 is Gross. 507 mentions TDS.
    506-507 is the net amount which should be credited in your bank account.

    Hope that answers your query.

    Regards
    BanyanFA

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.