I recently invested ₹1,08,788.82 in Shriram Finance Bonds through the Stable Money app. They have mentioned that I will receive ₹9,000 as interest on December 19, 2024, and another ₹9,000 on December 19, 2025.
However, I noticed that in my ITR, the total interest of ₹18,000 (₹9,000 for FY24-25 and ₹9,000 for FY25-26) might be reflected. This makes me wonder if I would need to pay tax on the entire ₹18,000 rs instead of just 9,000.
Could someone please clarify how taxation works in this case?
quick Q for you: Have you opted for cumulative payout instead of annual payout?
In case you have opted for annual payout: As of now you have not recd any interest payout. You will get Rs 9000 - 900 = Rs 8100 this year (next mth)… They will deduct 10% TDS before crediting the interest.
If interest has not yet been paid, there is no way that “the total interest of ₹18,000 (₹9,000 for FY24-25 and ₹9,000 for FY25-26) might be reflected” can happen. Interest is credited first only & after that particular quarter ends, will the interest entry be seen in 26AS and AIS/ TIS. Sometimes it doesn’t even show up for 5-6 months…
If you are referring to AIS/ TIS section on the IT portal after logging in, and if it is indeed seen twice … then it might be a discrepancy… often interest amounts are displayed twice… There is a way to request for correction. You can choose the appropriate option in the drop down menu & say that it refers to another FY & not current FY,…
Thanks for the detailed response! To clarify, I opted for the annual payout option, not cumulative.
When I raised this concern with the Stable Money team, they advised that while filing my ITR, I should inform my CA to offset the ₹9,000 interest (which I’ll receive next month) against the ₹8,788 extra paid earlier.
From what you’ve explained, it seems that if interest hasn’t been paid yet, it shouldn’t be reflected twice in AIS or TIS. However, I’ll double-check this on the IT portal after the next payout. If there’s a discrepancy, I’ll follow the correction process as you suggested.
