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Clarification from CBDT regarding Interest received on Term Deposits

Income Tax - Started By: - Srivatsan Krishnamachari - Dated:- 25-3-2016 Last Replied Date:- 31-3-2016 - Dear Learned Friends, It is reported in News Papers yesterday that as per the clarification from CBDT, the Tax Payer should revise by March 31st their IT Returns for AY:2014-15 &2015-16 to reflect interest received on term deposits. What is the position if the Assessee's Taxable Income after the allowed deductions taken to account is less than the Taxable limit though such persons rece .....

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, I have not seen the newspaper. However I will try to answer the query. Disclosure of income is very much essential. Govt is been launching schemes in direct tax encouraging the assesses to disclose their income. Hence even if the income is exempt it has to be shown in computation of income and should be shown as exempt with reference to section of income tax act. Further, the total income after deducting the allowable deduction, the remaining income is the taxable income on which income tax sh .....

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