Regarding Fix Deposit
This query is : Resolved
27 August 2009
Actually i want to FDR r shown in incometax return is interest on fdr is taxable or not,
if taxable in which section it is taxable
how can it calculate
if taxable in which section it is taxable
how can it calculate
27 August 2009
yes it is taxable. It will be taxable as other source income u/s 56.
Generally there are two methods of accounting & tax liability:
01. Make the entry for accured income each year & pay tax on the basis of accrual.
02. Make the entry on receipt basis & pay tax in the year of interest received.
Generally there are two methods of accounting & tax liability:
01. Make the entry for accured income each year & pay tax on the basis of accrual.
02. Make the entry on receipt basis & pay tax in the year of interest received.
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