Interest on fixed deposit
This query is : Resolved
VINEET KUMAR SHARMA
(Querist)
12 September 2012
Respected sir/madam
my Father have a fixed deposit in sbi bank for 1 year.
he earn interest on fixed deposit which is less than Rs10000. so as per income tax act, TDS is not deductable by bank.
so as per my view, interest(Rs4500) is included in TOTAL INCOME UNDER THE HEAD "income from other sources" and taxable as per routine procedure.
If interest covers more than 1 financial year, so interest can be bifurcated.
pls advice me
my Father have a fixed deposit in sbi bank for 1 year.
he earn interest on fixed deposit which is less than Rs10000. so as per income tax act, TDS is not deductable by bank.
so as per my view, interest(Rs4500) is included in TOTAL INCOME UNDER THE HEAD "income from other sources" and taxable as per routine procedure.
If interest covers more than 1 financial year, so interest can be bifurcated.
pls advice me
Amol S Joglekar
(Expert)
12 September 2012
You are absolutely right. Many a people have a strong notion that only that income is taxable where TDS is made.
13 September 2012
In case the interest covers more than one financial year and TDS has not been deducted by the bank, then you can obtain an interest certificate from the bank.
Thie interest certificate will contain the accrued interest amount which will be taxable during the respective financial year.
Thie interest certificate will contain the accrued interest amount which will be taxable during the respective financial year.
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