Accrud income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2013 when i get accrud interest form bank on FD but bank not deduct tds on accrued intrest so what i do accrud income showing in F.Y or not
example of my problem
i get accrud intt 600000 and that only my income as per rule tds will be deduct on 10% 60000 and when i file return so i calculate 2 lac exem 3 lac @10 % 30000, 100000 @20% 20000 total tax 50000 tds will be dudect 60000 but bank whwn pay me intt. then deduct tds so without dudect tds i caimed or i m showing my accrud income

Guest

Guest (Expert)

19 May 2013 The TDS provisions and the provisions relating to furnishing the return of income are different.
So, whether the bank deduct tds or not, the interest on FD income has to be shown in the return of income.

If the bank deduct TDS, reduce such TDS amount from your gross liability of Tax payable.

And if no TDS is deducted, then pay the tax on interest received also.

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