fdr interest
This query is : Resolved
15 July 2010
Fdr Interest will be exempt or not
and if exempt then which section
and if exempt then which section
Aditya Maheshwari
(Expert)
15 July 2010
It is taxable.
Earlier it was exempt u/s 80L upto Rs. 12k. But now the section has been removed.
Earlier it was exempt u/s 80L upto Rs. 12k. But now the section has been removed.
Message likes :
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15 July 2010
Section 80L is omitted with effect from 01/04/2006 by the Finance Act,2005, and hence no deduction as rightly said by Aditya Ji.
Message likes :
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15 July 2010
Agreed, it is taxable on accural basic.
17 July 2010
FDR interest need not be taxed on accrual basis. it can be taxed on cash or merchantile at the option of the assessee
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