Is interest on fixed deposit taxable on accrual basis?
This query is : Resolved
PHANISH GOLI
(Querist)
20 January 2012
If i hav made deposit of 500000 on may 2011
in sbi.What wuld be my tax on int. accrued.
in sbi.What wuld be my tax on int. accrued.
CA PARAS BAFNA
(Expert)
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
(Expert)
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
20% up to Rs.8 Lakhs
30% more than Rs.8 Lakhs
PHANISH GOLI
(Querist)
23 January 2012
@CA Deepak & CA Pras Bafna
thanku sir
thanku sir
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