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Mihir

Mihir Tanna  |1018 Answers  |Ask -

Tax Expert - Answered on Nov 16, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Aug 18, 2023Hindi
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I have invested my funds in NSC 3 years back and have been including the accrued interest from NSC under Income from Other Sources in my ITR filed for the last 3 years, and paying income tax thereof. Interest certificate issued by Post Office does not show the accrued interest from NSC and is likely to show it during the year of maturity. TIS/AIS of Income Tax portal also does not show the accrued interest from NSC and is likely to show it during the year of maturity. I want to know what I need to do now proactively to avoid unnecessary questions by Income Tax authorities based on TIS/AIS showing total interest earned in NSC over the past 5 years, but I show in my ITR only the interest earned during the last year of maturity. Please advise.

Ans: No action is required as of now. In case of any notice/intimation in future (at the time of maturity), you can reply that income is already offered to tax in earlier years on accrual system.
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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