Interest on Fixed Deposits - Auto Renewal
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 October 2010
Will auto renewal of Fixed Deposits be considered as a receipt (in year of renewal) if a person shows his income on receipt basis...?
Thanks in Advance
Thanks in Advance
12 October 2010
receipt doesn't mean cash receipt. on renewal interest will be treated as income.
17 October 2010
The interest portion will be taken into income of the assessee in the previous year in which the FD was renewed.
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