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Seperate a/c for interest on corporate deposit necessary?

This query is : Resolved

Jignesh Desai (Querist)
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25 June 2014 My relative has F.D.s in (A) Banks as well as (B) Corporates . Is it necessary for him to show the Interest earned from these two sources in seperate accounts in his Books of Accounts or can he just credit the interest earned from both to the same account , namely , "FD Interest A/c" ?

In other words , does the I-T Act have any different rules regarding the Taxation aspect of these two types of income or from the taxability point-of-view they are just one & the same ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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25 June 2014 while both will be clubbed in income from interest only...only difference is that 80TTA exemption is available on bank deposits only.

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