Fd interest year
This query is : Resolved
23 October 2015
if I invest 500000 date of 1st June 2015 for one year in FD & interest mod annually or quarterly so which finicial year i have paid tax,2015-16 or 2016-17
CA Kumar Mukesh
(Expert)
23 October 2015
For Income Tax purposes, you have to option
1. on cash basis treat all interest income at the time of maturity of FDRs
2. on accrual basis. i.e interest accrued during the each year.
mode on Interest capitalization method is not relevant in tax purposes.
Thank You
1. on cash basis treat all interest income at the time of maturity of FDRs
2. on accrual basis. i.e interest accrued during the each year.
mode on Interest capitalization method is not relevant in tax purposes.
Thank You
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