Interest on fd
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 July 2013
Dear Sir,
Suppose FD was taken in July 2012 and the period of FD is 15 months. That mean fd will be mature in fy 2013-14.
1. In the above case whether the assessee has to show accrued interest from July 12 to march 13, in his IT return for the fy 2012-13.
or
He can show the whole interest in the return of FY 2013-14.
Please clarify.
Suppose FD was taken in July 2012 and the period of FD is 15 months. That mean fd will be mature in fy 2013-14.
1. In the above case whether the assessee has to show accrued interest from July 12 to march 13, in his IT return for the fy 2012-13.
or
He can show the whole interest in the return of FY 2013-14.
Please clarify.
CA PARAS BAFNA
(Expert)
04 July 2013
It is advisable to show interest on accrual basis. Interest from July 12 to March 13 can be shown. If there is any TDS on interest he can get credit for the same.
.
.
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