Income tax on Fixed Deposits.
This query is : Resolved
10 December 2009
What is the Income Tax applicable on Fixed Deposits?
Why & when do Banks cut TDS?
How do I stramline the TDS in my regular returns?
Why & when do Banks cut TDS?
How do I stramline the TDS in my regular returns?
CA Balram Sharma
(Expert)
10 December 2009
INCOME TAX WILL BE APPLICABLE ON FD's.
UNDER THE HEAD INCOME FROM OTHER SOURCE,
TDS WILL BE DEDUTED ON THE INTEREST INCOME AT THE TIME OF PAYMENT OF INTEREST AMOUNT IS MORE RS 10000 FROM A SINGLE BRANCH.
INCOME CAN BE SHOWN ACCORDING TO ACCURAL OR CASH BASIS,
UNDER THE HEAD INCOME FROM OTHER SOURCE,
TDS WILL BE DEDUTED ON THE INTEREST INCOME AT THE TIME OF PAYMENT OF INTEREST AMOUNT IS MORE RS 10000 FROM A SINGLE BRANCH.
INCOME CAN BE SHOWN ACCORDING TO ACCURAL OR CASH BASIS,
Aditya Maheshwari
(Expert)
10 December 2009
Yes principal amount received on maturity not taxable. Interest on the same liable for tax.
CA Ravi Sisodia
(Expert)
10 December 2009
Agree
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