Hello Dimers,
As we are approaching the ITR filing for AY-2023-24, I needed some clarification in filing my ITR-1 related to "Other Income sources".
While declaring the proofs to my company, I showed more amount in "Other Sources" of income such as FD interest, Savings etc. so that I would not have to pay any advance tax for any quarter & that my company would take care of the tax deduction.
However, I would want to know that while filing ITR-1 now, I need to have the refund for the above as I don't see that I would have that much amount under "Other sources" of income. (Declared a higher amount last Dec'22 under Other sources)
Can anyone tell me as to how & what amount from which source (Form 26AS, AIS, TIS) etc. should I declare while filing ITR-1 so that the extra amount declared would now appear as Refund in Income tax filing.
TIA!!
@bikidas2060 @kartikxxx @guest_999 @aam_aadmi @dhinchakrohit @Neo53
, I showed more amount in "Other Sources" of income such as FD interest, Savings etc. so that I would not have to pay any advance tax for any quarter & that my company would take care of the tax deduction.
Why did you do that? If you have paid more taxes than your tax bracket then only you are eligible for a refund.
Who told you that showing more FD Interest , savings int etc will decrease your tax liability? It would've increased your total income.
File correct figures now on ITR. Correct figures are available on AIS. If you have more but not reflecting on AIS, add them too. But most probably it will show correct figures. Don't file your earlier submitted figures ( form 16).
Fill the income details as per 26AS & AIS, you will get the refund back.
dhinchakrohit wrote:Which of these to consider @dhinchakrohit for other sources?Fill the income details as per 26AS & AIS, you will get the refund back.
MrThanos wrote:Yeah it did increase my total income & hence more tax got deducted but I had shown more amount since I was not 100% sure on the exact value of Savings Int & FD int plus any other miscellaneous.Who told you that showing more FD Interest , savings int etc will decrease your tax liability? It would've increased your total income.
File correct figures now on ITR. Correct figures are available on AIS. If you have more but not reflecting on AIS, add them too. But most probably it will show correct figures. Don't file your earlier submitted figures ( form 16).
itsmehd5 wrote:
Which of these to consider @dhinchakrohit for other sources?
Interest income will be same on both, wait for banks to report interests for last year and you can check. Use the amount there in filing itr and getting refund
DM for ITR filling at low rate.
itsmehd5 wrote:Take figures from AIS
Yeah it did increase my total income & hence more tax got deducted but I had shown more amount since I was not 100% sure on the exact value of Savings Int & FD int plus any other miscellaneous.
So where would I get the exact figures on "Other sources of income" from while filing ITR?
