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Recurring deposits

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 October 2013 helo friends,

I invested in recurring deposit RS.5000 per month for 1 year(i.e 60000), and i receive amount of Rs.62731 from recurring deposit.
I wanted to know tat is Rs.2371(interest) is taxable under income tax or not... and further treatment of principal amount recieved...
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
18 October 2013 Principal amount is not taxable...int income you earned is taxable under sec 56 as income from other sources.
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