Interest on bank recuring deposit is taxable or not
This query is : Resolved
15 April 2014
Dear sir
i have received Rs 20000. 00 on a/c interest on bank recuring deposit during the f.y 13-14 pls advise that total interest will be taxable or not ,
i have received Rs 20000. 00 on a/c interest on bank recuring deposit during the f.y 13-14 pls advise that total interest will be taxable or not ,
Rupesh Jain
(Expert)
15 April 2014
it is taxable under income from other sources.
you can not take deduction u/s 80TTA
you can not take deduction u/s 80TTA
Dintakurthi Tirumala
(Expert)
15 April 2014
Yes, such interest amount is chargeable to tax under the head income from Other sources. and you have a chance to offer such income either on accrual basis or cash(receipt) basis choice is yours which you feels better benefit to you.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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