Form 15g submitted, but now my interest income above 2.5 lakh what can I do

Hi,

Therotically, wrong information in form 15g can attract prosecution but in practice it's not levied in such a genuine case.

Now, you can show all these interest in your ITR. If you have only interest income, you will have to file ITR 1 and not ITR 2.

Exemption of 2.5 lacs is over and above 80TTA exemption.

Hi,

Hope you are doing well !

1. Penalty is not levied in genuine cases.

You just need to show all these interest income in ITR.

2. ITR 1 is applicable for you assuming you have only interest income.We may help you in filling return.

3. Exemption of RS 2.5 lakh is over and above

80TTA.

Thanks & Regards,

Payal Chhajed

No issues.... Declare such income in Income from other head sources and file your ITR.

80tta is deduction available on savings bank account interest limited upto 10000 only.

Hi,

First of all try to be careful when submitting Form 15g. However, as in your case, the remediation is to file IT returns(ITR1), disclose all your income and pay taxes accordingly. You are eligible for deduxtion of INR 10000 on savings bank interest u/s 80TTA.

Hope that clarifies.

Regards,

Nikhil.

Hi,

You can now report the interest income in the final ITR and pay taxes on it. There will be no penalty levied if you file your correct tax return by July 31, 2018. Only interest shall be levied on the tax liability computed.

Deductions can be claimed depending on the information you share. I can assist you with the filing of the ITR. Please feel free to connect in case you need assistance.

Thanks

Damini

Hi

Although there has been misreporting, but now the best you can do is to report the correct income and pay taxes, if applicable.

Include the entire interest income. If this is your only source of income, you can file ITR 1.

250000 limit is post deduction of 10000 under section 80TTA.

Hi,

You need to file ITR 2 for current year.

ITR 1 for next year.

Thanks & Regards,

Payal Chhajed

For your reference:

ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from following sources are eligible to file Form ITR 2:

Income from Salary/Pension

Income from House Property(Income Can be from more than one house property)

Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)

Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)

Foreign Assets/Foreign Income

Agricultural Income more than Rs 5000

Resident not ordinarily resident and a Non resident

Dear Madam,

1) Furnishing of wrong 15G may land you into trouble. Please take care in future before filing it. It is better to take advise from professional before filing 15G or any other income tax forms.

2) Now at the time of filing ITR, please include all your income and pay taxes and interest on it. Exemption of 2.50 lacs is after 80TTA interest deduction. For A.Y. 2018-19, use ITR-1 as you don't have capital gain income this year.

3) For A.Y. 2017-18, use ITR-2 as you were having capital gain income.

Thanks

If you have capital gain, then you will have to file ITR 2.

Next year onwards, when you don't have capital gain, then you will have to file ITR 1.

If you have capital gains, you will have to file ITR 2. Next year onwards you can file ITR1.

If there was capital gain, you need to use ITR 2.

Let us know if any assistance is required in return filing.

To declare Interest income and capital gain transaction,you have to use ITR 2. and from next year itr 1 will suffice.

For this also, ITR 2 shall be used.