Tax liability on Recurring Deposit
This query is : Resolved
Querist : Anonymous
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 ?
What would be the Tax implication on the RD maturity proceeds ?
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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