Income tax filing: Don’t forget to check these interest incomes
New Delhi : Last date to file income tax returns for the current financial returns has arrived and as per reports there is no plan to extend the date as well. So file it before time runs out.
While, a little time has left it is advised that people must disclose all type of incomes in their returns to ensure trouble free future. Here are six type of incomes which are most likely to get missed while filing returns.
Interest on Post Office Recurring Deposits
TDS does not apply on income earned via interest on RDs and FDs in post offices. The tax payer is liable to mention them and pay the tax applied on them.
Interest on certain investments (co-operative society) exempt from TDS
TDS implies on the interest based income provided to the beneficiary member of co-operative societies and these should be mentioned in the income tax returns.
Taxable bonds, debentures and similar securities
Under Section 193, tax is not deducted on interest payable on certain notified debentures issued by any institution or authority, or any public-sector company, or any co-operative society (including co-operative land mortgage bank or a co-operative land development bank). However, the interest income falls under the category of taxable income.
Interest on National Savings Certificates accrued in the last year
The interest accrued on NSC is taxable and must be included in the total income in your ITR.
Interest on PPF accounts
Income Tax is exempted on the PPF accounts currently but this gives no leverage of not mentioning them in ITR. It is mandatory to report them in the tax returns.
Interest on tax-free bonds
In the case of oversubscription of bonds floated by institutions such as the National Highways Authority of India, the Indian Railway Finance Corporation, the Housing and Urban Development Corporation, the Indian Renewable Energy Development Agency, NTPC, the Rural Electrification Corporation and the Power Finance Corporation, the companies undertake partial allotment.
