Is Interest from recurring deposit ( Post Office ) Taxable ? Amount received is Rs.40000 during the year
DEEPU HN
(Associates)
(360 Points)
Replied 04 March 2014
interest on Rd is Taxable
Interest on Saving Bank in post office exempted up to 3500 or 7000. But in case of interest on rd its taxable
Saurabh Anokhchand Jain
(Chartered Accountant)
(1043 Points)
Replied 04 March 2014
No tax benefit are available for Interest in recurring deposist of Poat office
One Of A Kind
(CA Final & CS Professional Student)
(187 Points)
Replied 04 March 2014
Interest on RD with Post Office is fully taxable and it would come under the head Income from other sources and taxed accordingly.
CA. Mahendra Heeralal Purohit
(Chartered Accountant)
(76 Points)
Replied 04 March 2014
Stranger
(.)
(5526 Points)
Replied 04 March 2014
Interest on RD from Post Office is fully taxable u/h "Income from Other Sources". Moreover, neither TDS is applicable nor deduction u/s-80TTA is available on RD Account.
Ramanuj
(Accountant.)
(834 Points)
Replied 05 March 2014
Dear all
Any RD is taxable under head of Income from other source.
bappa kar
(N/a)
(22 Points)
Replied 05 March 2014
"ERROR IN HIDDEN MODULE: MODULE 3"
The above massage is shown when i open any ITR why ?
What is the solution?
RAM KUMAR GOEL
(PROPRIETOR)
(87 Points)
Replied 05 March 2014
Dear Neetu,
Interest on RD is taxable as all others have rightly said. But it is taxable year to year on accrual basis. It will also reduce the heavy burden in the year of maturity of the RD when the entire interest is received.
M L Babu
(Tax Consultant)
(63 Points)
Replied 06 March 2014
Intersest on recurring Deposit is taxable under "Other Sources". Niether dedcution u/s 80TTA or any other deductions under chap VIA is avaialable on the RD interest
CAclubindia
