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ITR-1 for FY2018-19 asks for interest income break-up from tax payers

For the financial year 2018-19 (Asst Year 2019-20), taxpayers will have to give a break-up of interest income (like interest on FD and savings a/c) when filing the income tax return form, ITR 1. This will make it easier for the income tax department to detect whether any ineligible tax exemption has been claimed by the assessee. Till last year, consolidated interest income was required to be filled. From FY 2018-19, senior citizens will be allowed to claim up to Rs 50,000 as deduction from interest income from bank and post office fixed deposits.

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