• Interest on fdr

I made term deposit in wife name with money earned with combined efforts (70:30 ratio) and submitted form 15G and forgot to include interest of it in my IT return submitted for FY 2013-2014. Now my IT return for FY 2014-2015 is due for submission. My questions are
1) Since Form 15G submitted for wife, therefore her IT return with TDR interest should be submitted for FY 2013-2014 & 2014-2015 or else.
2) If it is included in my income, what should be the way for FY 2013-2014 as I could not included.
Asked 3 years ago in Income Tax from Bhopal, Madhya Pradesh
why submit return of wife, if her  Gross Total Income is below basic exemption limit.

Simply offer it to tax as income from other sources.
Vijay N. Kale
CA, Hyderabad
248 Answers
12 Consultations

4.9 on 5.0

In the present case if your wife is not having taxable income then there is no need of filing tax . Pl clarify whether the FD is in your name or wife name  and form 15G submitted by you and your wife or both.

Sir if you have filed your return of income on time then you can file revised return . Next option is to show the total amount in your wife return.
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
95 Consultations

5.0 on 5.0

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