Fixed Deposit


This query is : Resolved 

Quick Summary
This discussion clarifies the tax treatment of Fixed Deposit interest. If your FD matured in June 2020, the accrued interest up to March 2020 for FY 19-20 cannot be claimed separately. The entire interest earned, even if it's a small amount like Rs. 7000, should be declared in the financial year of maturity, which is 2020-21 in this case.

(Querist)
29 September 2020 FD taken on June 3'rd 2019 matured in June 2020, can it be offered to tax for FY 19-20?

No TDS and interest was withdrawn on maturity.

29 September 2020 Offer accrued interest up to March 2020 in Fy 19-20.

CA girl (Querist)
29 September 2020 Interest was only Rs.7000 Sir, do we still have to break it up into two different years or can the entire thing be shown in the returns for 19-20?

29 September 2020 Show entire interest in 2020-21 the year of maturity.


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