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
