IT Applicabiltiy on Term- FD interests more
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Thank u for the clarification Mr Dinesh Gupta more
Aug 09
Interest earned on FD has to be disclosed in ITR on Accrual basis in each financial year (from April to March) not on maturity. TDS is deducted by concerned bank on accrual basis not payment (maturity) basis. Also deducted by bank each year on accrual basis has to be disclosed in ITR. more
Aug 09
An FD is accruing interest and on MATURITY is re-invested in the same instrument. The yearly INTERESTS are not withdrawn. Under these circumstances we have two OPTIONs: 1) Pay tax at the end of Maturity year 2) Declare the year's INTEREST under income from other sources which gets added for tax deduction My point is at the end of the maturity period how do we declare that we have already paid Tax for the amount that shows as “ Interest Income” and what happens to TDS which the Bank is liable to deduct when the instrument matures Can anyone clarify ??? more
Aug 09