Savings
This query is : Resolved
Aditi Parasrampuria
(Querist)
31 December 2017
If i invest 10,000 monthly from my savings in a deposit scheme for 6 years and upon maturity i’ll get cumulative amount of around 10 lakh which will be through check in my bank account..... Will i need to pay tax on it or what will be its tax provisions Reply asap....
KAVIRAJA ADDANGADI
(Expert)
31 December 2017
Interest accrued is part of Annual income, Total income Exceeds threshold limit tax to be paid according to the applicable slab, During Maturity t interest to be recognised for last year.
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