Advance tax assessment
Then, as at March of first financial year, interest is not paid to depositor; there is no passbook for time deposit indicating accrued interest amount.
Qn 1. Then, how the depositor expected to assess his interest income for first year to pay advance tax.
Qn 2.is it ok if the depositor declares the interest income on actual receipt in 2nd year on maturity and pays tax only in 2 nd year
2) Alternatively, you may choose to declare interest income as per 26AS if such income was subject to TDS. However, selection of this option is debatable.