ITR-1 for FY2018-19 asks for interest income break-up from tax payers – The Economic Times

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  • Last Updated on 28 October, 2020

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April 1, 2019
 
Chartered Accountant, Naveen Wadhwa, DGM, Taxmann.com says:
 
“Up to last year, a taxpayer was required to show a consolidated amount in respect of interest income taxable under the head ‘Income from other sources’. The new ITR forms now require a complete break-up of the interest income – interest on saving accounts, interest on fixed deposits, pass-through interest income and even interest on income-tax refund.” 
This change has been made in the ITR form so as to verify that taxpayers are claiming deduction under Section 80TTA only in respect of interest on saving accounts. The income tax department can also reconcile that the interest paid to the assessee on income-tax refund has been offered to tax by him in the ITR.” 

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