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5 year tax saver FD

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 February 2010 what is the treatment of 5 year tax saver FD in the year of reciept of principal amount & interest??
Is there any better investment plan with good returns??
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CMA.Palani Arumugam

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CMA.Palani Arumugam (Expert)
22 February 2010 Interest on FD will be treated as Income from Other Sources. Accrued interest on FD should be taken into account every year for the purpose of computing interest. In the year of receipt, only interest pertaining to that year will be treated as income from other sources.

You can also go for Systematic Investment Plan(SIP) of Tax saving Mutual Funds like SBI Magnum Tax gain, HDFC Tax Saver etc. SIP will give good return over a period of time, than interest on F.D.(but still market risk is there).

Regards,
A.Palani
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
24 February 2010 Agreed.Interest is taxable under the head other sources
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