Query on Form 15G and Form 26AS

Hi Team,

I have a query where I am willing to seek advice. I have a account where I opened a fd and given form 15g , now after two months I required some money and have to close the fd account and also closed the bank account as I was not happy with their services. Now how this scenario will be handled in form 26as and how to handle this while filing the ITR.
Pls suggest.

Asked 2 years ago in Income Tax from New Delhi, Delhi
Dear Mohit,

If you have given 15G, the bank will not deduct Tax. However, they will show interest credited to you in form 26AS. In case the actual interest received by you is lesser than the one shown in 26AS due to premature withdrawal, you may wait to see whether bank rectifies the same or else you can get a separate certificate from the bank for the actual amount received by you towards interest. You can show this actual amount in your return and not the one shown in 26AS. If there is a query from the department, you may explain accordingly. No need to worry.
Sagar Jayawant
CA, Thane
27 Answers
5.0 on 5.0
  Talk to Sagar Jayawant
As long as you offer to income tax income on FDR there are no issues unless you have invested in FD out of undisclosed sources of Income.
Vijay N. Kale
CA, Hyderabad
248 Answers
4.9 on 5.0
  Talk to Vijay N. Kale
as per your question you need to declare the interest received on closure in your it returns. In form 26AS it does not matter as tds was not deducted and you show the income voluntarily
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
5.0 on 5.0
  Talk to Shyam Sunder Modani
Take interest earned on FD as income. Declare the bank account at the time of filing return.
Shashank Surana
CA, Chennai
60 Answers
4.3 on 5.0
  Talk to Shashank Surana

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