How to enter interest on Deposits and TDS details!

In case you earn any income from deposits with Banks, please disclose the said Interest Income by selecting Income from Bank Interest, etc. option given in top menu bar in the wizard. Select “Interest on Bank Deposits and Loan” option from the particulars option in Income from other Sources screen.

Insert Total Interest earned on bank a/c in Income column and insert expenses incurred for earning interest income in expenses column (example - In case the money deposited in bank, is borrowed from any organization, then interest paid on such borrowings can be deducted from Interest income as expenditure).

In certain cases, Bank deducts tax on interest Income and issues Form 16A (TDS certificate) for the same .In such case, client should put TDS deducted amount and other details like Name of Deductor (i.e bank name as per Form 16A) Tan no. of Deductor in relevant columns.Please also note that TDS deducted amount is usually to be inserted in the column for “Amount claimed this year”.

Please put amount of tax deducted amount in column “Amount claimed this year” to claim the TDS credit for current Financial year. Also note that, in case you insert TDS details in the Bank interest income screen, then you should not insert the same again in Tax Deducted at source(TDS) screen, since the same are already entered by you.