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ICICI FD and Savings account interest not showing up in AIS
- Thread starter RevEng
- Start date
is the interest earned is high? If not then no need to worry. So don't show it as a income while filing ITR.
ICICI has following rule to deduct TDS on FD's
- The bank doesn't charge Tax on FD"s if your overall income is less than Rs 2.5 lakh in a year in their record.
- If your interest income from all FDs is less than Rs 40,000 in a year, the income is TDS exempt.
- On the other hand, if your interest income is over Rs 40,000, the TDS would be 10%. Besides, if you do not have a PAN card, the bank can deduct 20% of TDS.
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Savings account interest earned is less than 10,000 for all 4 accounts combined.
FD interest earned is less than 40,000 but I think I will have to report it. It might be TDS exempt but it is not tax exempt I think. Correct me if I'm wrong.
So when I will fill the 80TTA deduction, should I include ICICI savings account interest or not? There will be mismatch with the AIS data and they might go hunting for that extra tax.
FD interest earned is less than 40,000 but I think I will have to report it. It might be TDS exempt but it is not tax exempt I think. Correct me if I'm wrong.
So when I will fill the 80TTA deduction, should I include ICICI savings account interest or not? There will be mismatch with the AIS data and they might go hunting for that extra tax.
As a Rule abiding citizen, You must report it during filling your ITR.
Baki aap khud hi samajdar hai dekh lijiye dikhana hai ya nahi.
You are right. You need to disclose the savings account interest as well deposit interest. Savings account interest combined of all Banks is exempted upto 10k and no TDS on it.
FD is exempt from TDS upto 40k but taxable from first rupee if your threshold income is higher than 2.5L.
Finally, please wait till end of June for tax filing as there is lot of reconciliation happens between specified entities like banks and IT department. Even ITR forms get revised. So best time to do filing is Early to Mid July.
Today I read an article regarding this. The information in AIS is not updated for many people right now. For me also, many FD interest and other stuff is not showing.
That article headline was to pay taxes after 15 June, don't pay early taxes because some of the info is not updated and you might get in trouble later.
That was a paid article so only 4-5 lines were there for everyone to read. But there are ways to bypass this
Article Link: https://www.livemint.com/money/pers...ax-returns-before-15-june-11686674063937.html
That article headline was to pay taxes after 15 June, don't pay early taxes because some of the info is not updated and you might get in trouble later.
That was a paid article so only 4-5 lines were there for everyone to read. But there are ways to bypass this
Article Link: https://www.livemint.com/money/pers...ax-returns-before-15-june-11686674063937.html
ways to bypass?Today I read an article regarding this. The information in AIS is not updated for many people right now. For me also, many FD interest and other stuff is not showing.
That article headline was to pay taxes after 15 June, don't pay early taxes because some of the info is not updated and you might get in trouble later.
That was a paid article so only 4-5 lines were there for everyone to read. But there are ways to bypass this
Article Link: https://www.livemint.com/money/pers...ax-returns-before-15-june-11686674063937.html
Right Click -> View Page Source -> Full content is present there. Just try to find the lines and copy paste in some text editor to read it properly.
Need to be a little cse geek to do it easily 😅
Yes. Some TDS would have already been deducted and rest you will have to pay.
kushhh
TF Ace
So can I pay it now ? As i have not mentioned that in my itr
There was a time people used to open FDs in 15-20 banks to avoid TDS. Ab sab khatam ho gaya
Hey I am facing the exact same issue of my ICICI saving account's interest not getting updated even though it's just 470 rs but it should be declared for safety. So if I manually add in total interest then there will be a difference in AIS figures as AIS is not showing ICICI account. Can u plz provide me any guidance it has wasted my 3 days still i am stuck.
You can add it manually
The amounts you show in ITR can vary from AIS. Amount in ITR should not be less than amount in AIS.
You should always show income in the return even if it's not showing in the AIS/TIS. If return income is more than AIS/TIS income then no problem, but if other way around then it might cause problem in future.
@ccgeek07 Thanks guys for your wonderful help, highly appreciate it.
Just to confirm the mismatch amount would not cost me any problem in future if the figures mismatch. I was trying to file ITR myself by watching tutorials and they said in video to match ur earning on IT Portal with their AIS and Form26AS in order to avoid receiving notice. Thanks
Neither of the IT Care team guys know anything about return filing, they don't know anything about 80TTA neither ICICI care teams stupid people know that PAN can be readded to account online as well as they clearly denied me.
