FD Interest w.r.t ITR
This query is : Resolved
01 December 2021
Hello Sir,
If FD of 2,00,000 is opened for 4 years at 5.4% and payout is selected at maturity. Then interest is paid after 4 years of completion and given on date of maturity or auto credited to bank account.
Question is on 1st year , interest is carry forwarded with principal as it is paid on maturity. then after 31st march, will there be any tax on interest that is applicable for paying tax because interest is not given on this year only on 4th year ? will bank deduct TDS on this as form 15 H is not applicable due to more than basic slab.
similary 2nd,3rd year interest will it be shown in ITR or it is not taxable income as interest is paid on maturity.
Please suggest.
If FD of 2,00,000 is opened for 4 years at 5.4% and payout is selected at maturity. Then interest is paid after 4 years of completion and given on date of maturity or auto credited to bank account.
Question is on 1st year , interest is carry forwarded with principal as it is paid on maturity. then after 31st march, will there be any tax on interest that is applicable for paying tax because interest is not given on this year only on 4th year ? will bank deduct TDS on this as form 15 H is not applicable due to more than basic slab.
similary 2nd,3rd year interest will it be shown in ITR or it is not taxable income as interest is paid on maturity.
Please suggest.
01 December 2021
TDS is deducted on accrual basis. Check 26AS and file ITR.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- NRI starting business in India
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- EXPORT COMMERCIAL INVOICE HSN CODE
- Journal entry of busniess expenses
- Non-Compliance documents have not been submitted by the contractors debited
- Bank details not Visible on Traces Portal
- GST not cancelled by tenant
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
