Interest on recurring deposit

This query is : Resolved

Manoj Prasad (Querist)
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20 January 2015 for an Individual

Recurring Deposit for 3 year
invested amount 36000/- Maturity Rs.39220/-
Interest Rs.3220/-

Recurring deposit for 1 year
Invested amount Rs.12000/-Maturity Rs.12980/-
Interest Rs.980/-

I want to know whether both amount of interest earned Rs.3220/- and Rs.980/- Taxable or not .....

Thanks & Regards

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 January 2015 yes all intrest whther reinvested or otherwise shall be taxable as income from other sources.

Rupesh Jain

Rupesh Jain (Expert)
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20 January 2015 yes both intt are taxable under the income from other sources.

Manoj Prasad

Manoj Prasad (Querist)
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20 January 2015 Mr Tushar Sampat Ji,

I have both income

1- interest received from Savings Rs.455/-
2 - interest received from Recurring Deposit as above,

In ITR-2, i shall show Rs.455/-as interest income from other source and claim deduction u/s 88TTA, but where do I show interest from recurring..should i show total amount (interest from saving + interest from recurring as income from other sources, and claim only Rs.455/- u/s 80TTA...plz reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 January 2015 both intrest are taxable but int on savings a/c shall be qualified for sec 80TTA deduction upto 10,000.

yes first show under income from other sources and then u/s 80 chapter VIA deduction u can take sec 80TTA dedcution

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 January 2015 Manoj Ji you are correct in your observation.

Show interest from saving + interest from recurring as income from other sources, and then claim deduction of Rs.455/- only u/s 80TTA. RD interest is not eligible for deduction u/s 80TTA.

Manoj Prasad

Manoj Prasad (Querist)
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28 January 2015 Sanjay Gupta Ji...Thanks..

One more query..

In individual having following income & activities...
1-income from salary
2-income from other sources
3-he also involve in share trading and having short term/long term gain and dividend income..I want to know which ITR SHOULD HE FILE...THANKS & REGARDS

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 January 2015 ITR 2 needs to be filed.

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