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Anil Rego | Answer |Ask -Follow

Financial Planner - Answered on Jan 04, 2022

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Satish on Jan 04, 2022Hindi

Money

I have two queries.

(a) After seven years, I received an L&T Infrastructure bond maturity amount of Rs 44,400.

When I initially applied for these bonds, I submitted my PAN, still no TDS was mentioned.

Is this complete amount included as additional income in my tax return?

(b) Annually, Rs 715 as gold bonds interest is credited to my saving bank account.

In my IT return, I include 4*quarterly interest amount as income.

Saving bank interest on Rs 715 is also included in the quarterly interest.

Am I to include, separately, a sum of Rs 715 in my yearly income for income tax purposes?

Ans: Here are the responses:

(a) The interest on the bonds is taxable in the hands of investors.

The full maturity amount is not taxable.

You need to reduce the invested amount to arrive at the interest you have received and you would need to pay tax on this interest received.

(b) The interest on gold bonds is taxable and hence you need to show this in your returns.

The saving account interest is to be shown separately as it attracts deduction under section 80TTA for upto Rs 10,000 and you would need to pay taxes only if it crosses this limit.

In summary, you need to show both the interest on gold bonds and the savings account interest, but separately and after claiming the deduction above for savings bank interest.

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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Dear Sir, invested Rs 20000 in long term infrastructure bonds in the year 2011 for a period of 10 years under cumulative option. The bonds matured in Dec 2021 and I received Rs 44,624 after deduction of TDS of Rs 2,736. An amount of Rs 27,360 is being shown in my AIS as income from other sources. I have been showing the interest accrued every year on this investment in my IT return for the past 10 years as interest income. However now this year I am again required to show the lump sum amount as income and pay tax on it since it is being reflected in my AIS and 26 AS. IS THERE ANY WAY THAT I DON'T HAVE TO PAY DOUBLE TAX since I have already paid tax as accrued interest over past 10 years? How to reflect same while filing IT? I have filed ITR 2.

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Question by Deepak - Sep 09, 2022Hindi

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Dear Sir, 1. I invested Rs 20000 in long term infrastructure bonds in the year 2011 for a period of 10 years under cumulative option. The bonds matured in Dec 2021 and I received Rs 44624 after deduction of TDS of Rs 2736. An amount of Rs 27360 is being shown in my AIS as income from other sources. 2. I have been showing the interest accrued every year on this investment in my IT return for the past 10 years as interest income. However now this year I am again required to show the lump sum amount as income and pay tax on it since it is being reflected in my AIS and 26 AS. 3. IS THERE ANY WAY THAT I DON'T HAVE TO PAY DOUBLE TAX since I have already paid tax as accrued interest over past 10 years? How to reflect same while filing IT. I have filed ITR 2.

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Question by ASEEM - Nov 29, 2022Hindi

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I having two types of RBI taxable bonds. For one type which is non-cumulative I get interest regularly after 6 months. Tax is deducted at source and I show it as income in my ITR. The other is cumulative type which shall get matured in the FY 2023-24. Since no tax has been deducted on interest and nothing was crediting to my bank account during the last 6 years, so no interest income for these bonds was shown by me in my return. Is it correct from IT point of view? Next year when the principal and interest shall be credited to my account, the TDS be deducted at source, interest income shall be shown by me in my ITR. Hope my point of view is correct from ITR point of view.

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Is one required to pay tax on total interest of bonds or total interest less accrued interest paid at the time of purchase of bonds? Contract note shows this amount . If i pay tax after setting off accrued interest what happens to TDS amount deducted? Also there will be mis match between return and 26AS.If I pay tax including accrued interest , it is out right loss to me.

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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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