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My NSC interest income is showing repeatedly in ITR. What should I do?

Ramalingam Kalirajan |9854 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Aug 06, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by GAUTAM on Jul 28, 2024Hindi

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Sir, I am facing a big problem that my CA is showing interest incime from NSC every year in ITR. On checking I found that in Income Tax site that same interest income is being shown in my account repeatedly. What can I do now ? Please advise me.

Ans: Reconcile with Post Office Records:

Obtain detailed interest certificates from the post office for all the years in question.
Compare the interest amounts shown in these certificates with the figures reflected in your ITR.
Verify with Your CA:

Discuss the issue with your CA and provide them with the post office certificates.
Request them to re-calculate the interest income accurately.
Ensure that the interest income is included only once in the relevant tax year.
Check Income Tax Portal:

Review your income tax account online to verify the interest income figures.
If there are discrepancies, contact the Income Tax helpline for assistance.
Consider Revised Return:

If the error is significant and has resulted in additional tax liability, you might need to file a revised return.
Consult with your CA to determine the best course of action.
Maintain Proper Documentation:

Keep all relevant documents, including NSC certificates, interest calculations, and communication with the CA and Income Tax department, for future reference.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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