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

Taxpayer Confused Over Interest Income Discrepancy Between Bank Statement and Form 26AS; Experts Advise Reporting Form 26AS Amount An individual inquired about a discrepancy between the interest income reported in their bank's transaction history and Form 26AS, questioning which amount to declare in their Income Tax Return. One respondent advised using the Form 26AS figure if it doesn't affect tax liability, while another suggested reporting the bank's figure and using the edit option in the tax return form. A third respondent noted that the excess amount in Form 26AS might account for accrued interest, recommending that the individual report the interest as per Form 26AS.