Saving account interest

Please guide me on these: 1) I have interest income of Rs 3316 from my bank saving account, which I understand is exempted upto Rs 10000 under section 80 TTA, now where & how shall I show this income & exemption it in ITR-2. 2) Can I mention the above interest income on sheet “PARTB - TI - TTI – SAL” schedule S, Details of Income from Salary (Fields marked in RED should not be left Blank), point no 5, Profits in lieu of salary (refer Form 16 from employer), but this interest income is not shown in Form-16

asked Jul 10 '14 at 12:32 by sakiv1089 18681436


I got the answer, This interest income is to be show in OS sheet of ITR-2

answered Jul 10 '14 at 15:32 by sakiv1089 18681436

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Dear Sir, Now only I realised that in last year's Income tax return I had mentioned my saving account interest on sheet “PARTB - TI - TTI – SAL” schedule S, Details of Income from Salary (Fields marked in RED should not be left Blank), point no 5, Profits in lieu of salary (refer Form 16 from employer) , which I understand not considered by IT Dept. I want to know can I file the revised corrected ITR for last year even though I have received refund for last year. If yes please brief me the procedure, I have already filed the ITR for this year...Regards..VS
(Jul 11 '14 at 10:02) sakiv1089
Yes, you can revise last year return. It can be done before March 2015 (one year from end of assessment year)
(Jul 11 '14 at 17:13) Pankaj Batra
Thanks your reply, but I am not clear about where & how I shall show the refund amount in ITR-2, which I received from IT department.
(Jul 12 '14 at 14:33) sakiv1089
There is no need to mention that refund amount. Once you file revised return, IT department would reassess case and pay remaining refund amount (if any) or raise demand for payback of extra amount refunded.
(Jul 12 '14 at 18:51) Pankaj Batra

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Asked: Jul 10 '14 at 12:32

Seen: 1,348 times

Last updated: Jul 12 '14 at 18:51