<h1>CBDT Urges Taxpayers to Report Interest from Term Deposits in Returns; Avoid Penalties by March 31, 2016.</h1> The Central Board of Direct Taxes (CBDT) has issued a reminder to individuals and business entities regarding the inclusion of interest income from term deposits in their income tax returns. Interest income is taxable unless exempt under Section 10 of the Income-tax Act. Taxpayers must declare such income even if Form 15G or 15H has been filed, provided their total income exceeds the non-taxable threshold. Taxpayers are urged to file or revise their returns for assessment years 2014-15 and 2015-16 by March 31, 2016, to avoid penalties under Section 271F. For assistance, contact the Assessing Officer or the provided toll-free number.