Income Tax Return

[Karan Bansal]

I checked my form 26AS. According to it, my bank has paid ₹ 48613 as interest, but in the bank's transaction history it is ₹ 45366. Which income should I show in ITR?

[ARVIND JAIN]

Practical view- If no impact on Tax liability then go as per 26AS to avoid further queries and if Tax increases then consider the correct one .

[Karan Bansal]

Thanks Arvind ji,

[Rupali Gupta]

You should show as per bank transaction history ₹ 45366 and there is edit option in Income tax return forms while filing, you can edit that .

Provided before editing of unmatched figures please check thoroughly 2 to 3 times if it's really not matching with 26 AS .

Generally 26AS shows figure given by employer that is bank in your case and so there can be mistake on their part but you show correct figure of interest income so that it's get rectified in the part of bank afterwards.

[CASusheel Gupta]

Excess amount shown in 26AS may be towards interest accrued for the period starting from last payment of interest till 31st March. You must show interest as per 26AS.

CA Susheel Gupta

9811004443

AI Summary

Interest income reporting: reconcile discrepancies between tax records and bank statements and report the appropriate figure to avoid queries. The taxpayer must reconcile a discrepancy between Form 26AS and bank transaction history for interest income. Practical advice offered: report the figure shown in Form 26AS if doing so does not change tax liability to avoid queries; alternatively, report the bank-statement amount using ITR edit options if the bank record is demonstrably correct; an excess in Form 26AS may reflect accrued interest to year-end, in which case reporting per Form 26AS is appropriate.