Int on fd
This query is : Resolved
14 March 2013
i have invested 15 lacs in Bank FD on 01.04.2012 and it is for 2 years and after completion of 2 years i will be received 17.85 lacs on 01.04.2014 . when i show the interest Income in my return.?
it is matured and difference to be shown as interest in year of receipt. is it f9 or iam i right in doing?
pls explain
it is matured and difference to be shown as interest in year of receipt. is it f9 or iam i right in doing?
pls explain
14 March 2013
My suggestion is better to offer your interest income on accrual basis,because of bank has to deduct TDS on your interest amount and bank following accrual basis of accounting so it deduct TDS on yearly basis on the interest accrued amount. So approach your bank and ask them for form 16A after April 2013 if they deducted TDS then offer the interest income as shown in the form 16A as the payment of interest for the A.Y.2013-14 and claim credit of TDS. If they are not deducting TDS you can offer your interest income under accrual basis by taking the interest certificate from the bank or approximately amount of interest for the year or as per cash basis you can offer it at the time of maturity it would be depending on the accounting system you following for other sources incomes.
So at final my suggestion is if bank deducted TDS for the A.Y 2013-14 then offer your interest income as per the TDS certificate for A.Y 2013-14 if it is not deducted TDS now but deducting TDS at the time of maturity then offer such interest income in the year of maturity.
OM SAI SRI SAI JAI JAI SAI
So at final my suggestion is if bank deducted TDS for the A.Y 2013-14 then offer your interest income as per the TDS certificate for A.Y 2013-14 if it is not deducted TDS now but deducting TDS at the time of maturity then offer such interest income in the year of maturity.
OM SAI SRI SAI JAI JAI SAI
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