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Interest on fixed deposits is taxable every year as it accrues, even if the FD has not matured. If the AIS figure is correct and you did not report it, the adjustment is valid. Agreeing lets CPC add it and work out tax and interest.
ITR
FD interest in AIS missing from my return
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Provisions
Sec 143(1)(a) (now Sec 270(2)); Sec 194A (now Sec 393); Sec 234B (now Sec 424)
Analysis
Under Sec 143(1)(a)(vi) CPC can add income that appears in Form 26AS or TDS certificates but is missing from the return. If you are in the 30% slab, ₹38,000 of interest means about ₹11,856 of tax including 4% cess, less the 10% TDS of ₹3,800 already deducted by the bank, plus interest under Sec 234B and 234C. Check the bank's interest certificate first, since AIS sometimes shows the gross figure for a joint FD or for the wrong year. If the number is right, Agree is the cleanest answer.
Close
- Download the bank's interest certificate for the year.
- Match it with the AIS entry and the TDS shown in Form 26AS.
- If correct, choose Agree for that variance.
- Pay the demand shown in the intimation through e-Pay Tax, or let the refund adjust.
Do not disagree just to delay; a wrong disagreement can later be treated as under-reporting.
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