ITR
AIS entry belongs to a different financial year
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Facts
If an entry belongs to another year, choose 'Information relates to other PAN/Year' and mention the correct year. Report income in the year it is actually taxable under your method.
Provisions and law
- Sec 285BB (now Sec 510)Annual Information Statement of a taxpayer's reported transactions and taxes
- Rule 114-I, Income-tax Rules 1962Annual Information Statement uploaded to the taxpayer's account
Analysis
Cumulative FDs are a common case: banks may report accrued interest each year or the full interest at maturity. If you have been offering interest of ₹20,000 a year on accrual, and AIS shows ₹60,000 at maturity, mark the part already taxed as relating to earlier years. Keep a schedule of interest offered each year for proof.
Conclusion
- Work out which year the income belongs to
- Choose 'relates to other PAN/Year' and give the year
- For part amounts, use 'not fully correct' with the figure for this year
- Keep a year wise interest schedule
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