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Interest on cumulative deposit

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 September 2013 Is the interest on cumulative deposit taxable for income tax?
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CA Simarpreet Singh Gulati

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CA Simarpreet Singh Gulati (Expert)
17 September 2013 Yes... Taxability of interest income on deposit is not dependent on whether it is paid out or accumulated and reinvested. So, the interest on cumulative deposit is taxable for income tax.
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