IT payers told to file taxable interest income, too

While filing Income-tax returns (ITRs), taxpayers have been advised to give correct details of their interest income for the assessment year 2014-15 on or before March 31, even if they have filed returns already. The Central Board of Direct Taxes told the assessees to revise their ITRs if they had not included taxable interest income. The CBDT statement said for the assessment year 2015-16, the assessees were rquired to file return of income by including taxable inteerest income till March 31, if any. Those who do so would avoid penalty under Section 271F. The CBDT said interest income needed to be filed even in cases wherein Form 15G/15H had been filed if the earning is not exempt under Section 10 of the Income-Tax Act, and the total income of the assessee exceeded the maximum amount not chargeable to tax. It said Form 26AS reflected only those payments on which tax had been deducted.