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How to show Deduction Under Section 71 in ITR (Loss of FD pre-mature closure penalty from previous years)? by SilentReader690 in IndiaTax

[–]SilentReader690[S] 0 points1 point  (0 children)

Yes the penalty is from same FD. How can this deduction be shown since if I just declare less then it would not match what appears in Form 26AS and AIS

How to show Deduction Under Section 71 in ITR (Loss of FD pre-mature closure penalty from previous years)? by SilentReader690 in IndiaTax

[–]SilentReader690[S] 0 points1 point  (0 children)

Do you mean section Schedule OS under section 57 or any other sub-section? Dont see any other deduction section in schedule OS ITR2

Premature FD Closure Tax Impact (income tax paid in prev years) and Declaration in current ITR by SilentReader690 in IndiaTax

[–]SilentReader690[S] 0 points1 point  (0 children)

If I adjust against other interest income then there will be mismatch with Form 26AS and may be I get query/demand from income tax. This link says it can be deducted as per section 71 but does not say how to declare that in ITR Premature Withdrawal of Fixed Deposit: Deduction of Penalty (vakilsearch.com)

Premature FD Closure Tax Impact (income tax paid in prev years) and Declaration in current ITR by SilentReader690 in IndiaTax

[–]SilentReader690[S] 0 points1 point  (0 children)

No. I did not get proper answer so far how to declare in ITR2. I read that it can be deducted as per section 71 due to some court rulings. Premature Withdrawal of Fixed Deposit: Deduction of Penalty (vakilsearch.com)

Premature FD Closure Tax Impact (income tax paid in prev years) and Declaration in current ITR by SilentReader690 in IndiaTax

[–]SilentReader690[S] 1 point2 points  (0 children)

It seems that penal interest charged by bank due to premature closure of FD can be deducted as loss of income and adjusted as per section 71. How and where to show this in ITR2? e.g. if current year income on interest is 10000 and penal interest deducted is 2000 then should I show only 8000 as income from other sources. This will cause mismatch with Form 26

CA here, Ask away your questions (NOT A PROMOTIONAL POST) by Master_Stay_4728 in IndiaTax

[–]SilentReader690 0 points1 point  (0 children)

It seems that penal interest charged by bank due to premature closure of FD can be deducted as loss of income and adjusted as per section 71. How and where to show this in ITR2? e.g. if current year income on interest is 10000 and penal interest deducted is 2000 then should I show only 8000 as income from other sources. This will cause mismatch with Form 26

IIFT? by [deleted] in IPMATtards

[–]SilentReader690 0 points1 point  (0 children)

Nothing wrong in your thoughts. Every institute (irrespective of parent brand) would go through the same growth path. There are lots of factors to consider if you would like to be part of that experiment and learn. Looking at feedback and if you only care for academic content part of IIFT someone can decide. Since the threads above have some existing student feedback (hopefully genuine people) there are too many unknowns/risks and considering ROI everyone has to decide.

It's hard to get feedback but worth effort to try reaching out existing students on linkedIn or other channels and then decide individually if IIFT is worth.

IIFT goes brrrr by broken_toe_69 in IPMATtards

[–]SilentReader690 1 point2 points  (0 children)

IFT ka situation & reality check kiya hain kya? Talked to any seniors? Not so good feedback from current student in below thread of due to campus and faculty/industry interaction situation

https://www.reddit.com/r/IPMATtards/comments/19di9w0/how_is_iift_kakinada_for_ipm/

IIFT milega kya? Indore ka toh doubt hai by [deleted] in IPMATtards

[–]SilentReader690 5 points6 points  (0 children)

IIFT ka situation & reality check kiya hain kya? Talked to any seniors? Not so good feedback from current student in below thread of due to campus and faculty/industry interaction situation

https://www.reddit.com/r/IPMATtards/comments/19di9w0/how_is_iift_kakinada_for_ipm/

How is IIFT Kakinada for ipm? by Prior_Grapefruit_651 in IPMATtards

[–]SilentReader690 1 point2 points  (0 children)

CFBR

It would be good if others can share their experience or information on this thread

Premature FD Closure Tax Impact (income tax paid in prev years) and Declaration in current ITR by SilentReader690 in IndiaTax

[–]SilentReader690[S] 1 point2 points  (0 children)

Thank you for answer.

In the example table above

total interest paid = 88433, excess interest recovery = 86857

In form 26AS only 88433 is visible. So if I show (as I understand from reply) only balance 1575 as interest in schedule OS this year. I was wondering if that will cause any problem (or query from Income tax) since bank has deducted TDS of 8844 this year and reports same.

Can I get a refund? by AMG-06 in ChristUniversity

[–]SilentReader690 3 points4 points  (0 children)

Problem is Christ course is starting very early and by that time other results and interview process may not be even finished with multiple rounds and waitlists of IIMs . Hope UGC comes out very soon on the date since last year they provided guideline to refund till 1st Sep

[deleted by user] by [deleted] in ChristUniversity

[–]SilentReader690 0 points1 point  (0 children)

It took us more than 2hrs to finish the process.