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taxability of int. recd. on recurring deposits

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(Querist)
16 December 2009 hello
when is the interest on recurring deposits taxable- on year to year basis i.e. on accrual basis or on receipt basis i.e. in the year of maturity of recurring deposit
thanks in advance
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 December 2009 It depends upon the method of accounting adopted. If u show income under the head " income from other sources" regularly under the cash system of accounting, interest on RD may be offered at the time of Maturity. Otherwise, ie if mercantile system is followed for the above purpose, RD interest should be offered every year under accrual concept.
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sanjeev

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sanjeev (Querist)
16 December 2009 Respected Sir
Thanks for replying
the person getting int. on rd is salaried employee..
could he get the figure of int. from bank from which he has done the rd.
Thanks in advance
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
16 December 2009 yes he will get RD int. amount for the Period of April to March as per requirement just to go to Bank and demand for statement
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