Income Tax Return: The deadline for submitting your Income Tax Return (ITR) is approaching. If you haven’t completed your filing yet, make sure to do it soon. Experts advise against waiting until the last minute to file your return. Additionally, remember to report any interest earned from your bank deposits in your return.
It is essential to declare interest income in your ITR
Experts recommend that taxpayers verify the interest accrued on their bank deposits prior to filing their Income Tax Return (ITR). If you maintain multiple bank accounts, it is crucial to report the interest earned from all deposits in your return. Not providing accurate details about your interest income could lead to inquiries from the Income Tax Department.
Complete details of interest income in the interest certificate
You can obtain an interest certificate from your bank’s website. This document includes comprehensive information regarding the interest earned on your deposits throughout a financial year. It is a vital document for tax purposes, as the Income Tax Department may ask taxpayers for an interest certificate. This certificate serves as proof of the total interest earned during a financial year and includes detailed information about the total earnings from savings, fixed, and recurring deposits.
ICICI Bank customers can download it this way
To access the interest certificate, visit the bank’s website and log in using your ID and password. ICICI Bank customers should navigate to the Payments and Transfers tab. Next, click on Tax Center. In the Interest Certificate section, select the Download option. Then, input your account number and the relevant period. After that, you can download and save a PDF version.
SBI, HDFC Bank customers can download this way
HDFC Bank customers can log in to the bank’s website and go to the Accounts section. Then, click on “Download Interest Certificate” in the Quick Links menu. Select your account number and period to download the interest certificate. SBI customers can log in to the bank’s website and click on the “e-Services” option in the top menu bar. Then, click on “Interest Certificate” to download a PDF copy.
Meanwhile The Income Tax Department has revised the entire return filing system for Assessment Year (AY) 2026-27. These changes will apply to income earned by individuals filing returns in 2025-26. This change will provide some relief to business owners.
Taxpayers filing ITR-1 or ITR-2 (salary and pension, capital gains) have been given time till July 31, 2026 to file their returns. For taxpayers filing ITR-3 or ITR-4, such as those engaged in business, the deadline has been extended to August 31, 2026. This will give small businesses more time to file their returns. However, the Income Tax Department has kept the deadline for tax audit cases as October 31, 2026. Taxpayers will have to submit their audit reports by September 30, 2026.