ITR
Pension from bank and AIS reconciliation
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Facts
Pension is taxed as salary, and the bank paying pension issues Form 16 and reports it. FD interest from the same or other banks appears separately in AIS. Both must be added in the return.
Provisions and law
- Sec 192 (now Sec 392)TDS on salary, including pension
- Sec 80TTB (now Sec 153)Deduction for interest income of senior citizens
- Sec 194A (now Sec 393)TDS on interest
Analysis
If pension is ₹4,80,000 with standard deduction and FD interest is ₹1,90,000 across two banks, total both. Under the old regime, 80TTB allows up to ₹50,000 of interest for seniors. Check that TDS from both banks is in 26AS. Seniors aged 75 or more with only pension and interest from the same bank may not need to file, if the bank has computed tax.
Conclusion
- Get Form 16 from the pension bank and interest certificates
- Add pension and interest from all banks
- Claim standard deduction and 80TTB if eligible
- Match TDS with 26AS
A Savvy can do this for you
Pre-filing reconciliation of AIS, TIS, 26AS and Form 16
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