How to Report 194BA Income in Your Income Tax Return (ITR)

Learn how to accurately report 194BA income in your Income Tax Return with our step-by-step guide.

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To show 194BA income in your Income Tax Return (ITR), follow these steps: 1. Select the appropriate ITR form based on your income category (ITR-1, ITR-2, etc.). 2. Navigate to the 'Income from Other Sources' section. 3. Enter the 194BA income details under income sources. Make sure to match it with Form 26AS and the TDS certificate.

FAQs & Answers

  1. What is 194BA income? 194BA income refers to the income earned from interest on specified savings schemes or fixed deposits that must be reported in the Income Tax Return (ITR) as per the Income Tax Act.
  2. What documents do I need to report 194BA income? To report 194BA income, you will need Form 26AS, which shows the tax deducted at source (TDS), and the TDS certificate provided by your bank or financial institution.
  3. Which ITR form should I use for 194BA income? The appropriate ITR form to use depends on your total income: ITR-1 for individuals with basic income sources and ITR-2 for those with more complex income scenarios. Ensure you select the correct form based on your income category.
  4. How do I reconcile 194BA income with Form 26AS? To reconcile 194BA income with Form 26AS, ensure the amount reported in your ITR matches the TDS amount reflected in your Form 26AS to avoid discrepancies. It's crucial for accurate tax reporting.

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