Advance tax assessment
This query is : Open
14 April 2021
For time deposit for one year period, interest payable on maturity, runnig across two financial years.
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
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
CMA Poornima Madhava
(Expert)
15 April 2021
1) You may download the interest certificate for the year from the bank's portal to know the accrual of interest for the 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.
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.
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