Ajay Kumar Bakaya, a senior citizen from Gurugram’s Sushant Lok 1, invested Rs 3 crore in buying two government tax-free bonds in 2013. He puts the interest income from these bonds in the ‘exempt income’ column every year in his income tax return (ITR).
For AY 2022-23, Bakaya, however, declared Rs 25.42 lakh interest income earned (Rs 16.96 lakh from IFCL bonds and Rs 8.46 lakh from REC bonds) as income from other sources. He also paid the income tax on this amount, which resulted in an extra income tax payment of Rs 9.91 lakh.
