Is interest on fixed deposit taxable on accrual basis?

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PHANISH GOLI

PHANISH GOLI (Querist)
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20 January 2012 If i hav made deposit of 500000 on may 2011
in sbi.What wuld be my tax on int. accrued.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 January 2012 TDS will be deducted by the Bank. It is 10% of the amount of interest accrued. You have to show income on accrual basis and you can utilise the credit of TDS towards your tax liability or can get refund if lesser tax liability is there.

CA Deepak S

CA Deepak S (Expert)
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21 January 2012 Your tax on interest accrued depends up on your totall income. If your total income is less than Rs.5 lakh it will be 10% of the income exceeding Rs. 1.80 lakhs. and

20% up to Rs.8 Lakhs
30% more than Rs.8 Lakhs

PHANISH GOLI

PHANISH GOLI (Querist)
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23 January 2012 @CA Deepak & CA Pras Bafna
thanku sir

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