regarding interest
This query is : Resolved
24 July 2008
please tell me how the interest received on fixed deposits or term deposits from banks is dealt in I.T return of an individual if the same(interest) is reinvested(or included)in the f.d amount and the f.d.is extended for another term(say extended for another 5 yrs)......also for which year and when the interest income will be recognized......pl mail me at rishabh_mishra35@yahoo.com
24 July 2008
25 July 2008
It is shown under other income. As the interest on becoming due is reinvested better to show on the basis of its due dates, so that it gets distributed in your returns for the respective years.
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