Personal Finance & Money Asked by Archit Sinha on February 24, 2021
I have an SBI savings accounts with autosweep facility such that it creates FD if the amount goes above a certain limit.
Now any interest earned from FDs is taxable.
However this year, I don’t see any entries for the income earned from FD and TDS deducted for it in my Form 26AS, this could be because it seems that banks deduct TDS for FD only if the interest earned is > 40,000 (as mentioned in the link : https://cleartax.in/s/income-tax-on-fixed-deposit-interest) and this year the interest must have been less that 40,000 for me.
So now the problem is that I have earned some interest from FDs (< 40,000) for which I do indeed have to pay tax, but since there is no entry in Form 26AS, I don’t know how much to exactly put under Income from sources other than salary (basically FD interest in my case) while filing my income tax returns (I remember in some of the previous years when the interest earned was > 40,000 -there used to be entry in Form 26 AS for it and thus it was easy to pay?
Any inputs on this?
Another related questions is whether Form 16A will have this details – from what I read online it seems that Form 16A will not have any addtional details on top of 26 AS ? is it correct?
Form 16A will have the details only if tax is deducted.
All banks are obligated to provide an interest statement free of charge. Walk into the bank and request for same. SBI generally gives it in few minutes over the counter upon request
Answered by Dheer on February 24, 2021
Get help from others!
Recent Questions
Recent Answers
© 2024 TransWikia.com. All rights reserved. Sites we Love: PCI Database, UKBizDB, Menu Kuliner, Sharing RPP