5 YEAR FD INTEREST RECEIVED IN CURRENT YEAR
This query is : Resolved
VINAYAK ASSOCIATE
(Querist)
17 July 2023
DEAR SIR, I HAVE RECEIVED INTEREST ON FDR IN FY 2022-23 WHICH WAS CREATED 5 YEARS BEFORE. NOW I WANT TO FILE MY ITR BUT THE INTEREST BREAKOUT AS PER 5 YEARS , CURRENT YEAR INCOME IS NOT TAXABLE BUT CUMULATIVE INTEREST INCOME IS TAXABLE.
SO CAN I GET RELIEF UNDER 89(1) OR NOT. AND IF NOT THEN WHAT IS THE PROCESS TO GET TAX RELIEF. PLEASE SUGGEST
SO CAN I GET RELIEF UNDER 89(1) OR NOT. AND IF NOT THEN WHAT IS THE PROCESS TO GET TAX RELIEF. PLEASE SUGGEST
Dhirajlal Rambhia
(Expert)
17 July 2023
Relief u/s. 89(1) is not applicable in case of FD interest which is otherwise taxable on accrued basis only.
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