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Tax liability on Recurring Deposit

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 March 2011 In the month of April 2011, One RD in my name will mature. The contribution was Rs.5000/- for 120 months @9.75%. The maturity amount would be around Rs.10,18,000/- . My present income is around Rs.3 Lacs (salary)per annum.

What would be the Tax implication on the RD maturity proceeds ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 March 2011 Generally interest on RD is taxable and to be offered under the head of income "income from other sources". Accrued interest to be offered for taxation yearly or the entire interest at maturity is to be offered in the year of maturity depending on the method of accounting regularly followed by the assessee.
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