Interest on fixed deposit

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This query is : Resolved

Sanjay (Querist)

21 May 2016 Sir,

Considered some of variable Interest on Fixed Deposit amount it will be shown in income tax return is acceptable or not.
exemple : i have kept Fixed deposit amount of Rs. 42628.92 dated 11.08.2015 and its matured on 11.08.2016 Rate of Int @8% Interest amount of Rs. 3246.39.
I have considered above interest amount for the financial year 2015-16 is Rs. 2075.56 calculated 234 days x 3246.39 / 366 days and remaining interest amount will be considered next financial year 2016-17 Rs. 1170.83.

Kindly guide me what i do is correct or not.

Thanks

ALOK GOEL

ALOK GOEL (Expert)

22 May 2016 The above distribution as per your calculations is ok . But exact figures should be taken from either bank or 26AS. In your this case , if you have only total accumulated intrest on all FD's is about 2076/- in FY 2015-16 and 1171/- in FY 2016- 17 only . Then it will not be appearing in 26AS . So either use bank intrest certificate /amount calculated by then through online banking login or calculate approx. by Compound intrest calculator of banks.

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