Rd a/c maturity & interest in bank
This query is : Resolved
01 May 2014
Hello All
Sir
My client is having a RD A/c with SBH for a tenure of 120 days i.e 10 years and depositing monthly instalment for Rs5250/-. But Bank officials are saying that the maturity after said period will be tax free and the interest is also be non taxable each year.
Is it true or false? According to my belief and knowledge, interest is taxable as per income tax. Kindly tell me whether I take the interest value in the other sources income or not.
Kindly reply.
Regards
Sanjay
Sir
My client is having a RD A/c with SBH for a tenure of 120 days i.e 10 years and depositing monthly instalment for Rs5250/-. But Bank officials are saying that the maturity after said period will be tax free and the interest is also be non taxable each year.
Is it true or false? According to my belief and knowledge, interest is taxable as per income tax. Kindly tell me whether I take the interest value in the other sources income or not.
Kindly reply.
Regards
Sanjay
Nikhil Kaushik
(Expert)
01 May 2014
interest is taxable. only that TDS is not aaplicable.
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