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Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Oct 11, 2022

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

Question by Clarissa on Oct 11, 2022Hindi

Money

Thank you for offering advice to us who have no way to get our problems solved. I filed my returns according to AIS. My Returns were pre-filled. In it Interest from Post Office NSC was included in lump sum of 5+ years.

I approached the PO for an annual interest certificate but they refused saying you should do your own calculations and the PO does not issue Interest certificates.

In the absence of this, I filed my returns with an amount much higher than received or accrued. I had to pay a high tax. Should not POs issue certificates if the Interest is shown in AIS?

Ans: I understand your concern but in my view rather than discussing on POs’ responsibility. I will advise you to check interest amount from calculator provided by income tax at website here (external link).

If the amount of taxable interest is lower than amount appearing in AIS, you may write to concerned authorities of NSC and after confirming amount of interest, if it is observed that interest amount shown in AIS is higher, you can provide feedback at income tax portal at given place.

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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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.

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Hi Mahesh, While filing IT returns, saw that in AIS the entire interest amount of NSC which matured year is shown as income. Isn't it only the 5th year interest accrued be added? how to rectify this?

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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