Tax on Bank FDR's
This query is : Resolved
20 March 2009
I am having bank fixed deposits which will be maturing in next financial year and i had opted for interest at maturity.
Will interest earned in this fin yr has to be concidered as an income while doing income tax computations for this year or it will be considered at the time of maturity.
Amit
I am having bank fixed deposits which will be maturing in next financial year and i had opted for interest at maturity.
Will interest earned in this fin yr has to be concidered as an income while doing income tax computations for this year or it will be considered at the time of maturity.
Amit
CA Tilak Raj Sharma
(Expert)
20 March 2009
If you have not shown the interest income in you previous returns then it will be taxable in the year of maturity. However you can show interest income in every year tax return. It will also save your taxes.
CA Tilak Raj Sharma
(Expert)
20 March 2009
If you have not shown the interest income in you previous returns then it will be taxable in the year of maturity. However you can show interest income in every year tax return. It will also save your taxes.
HUZAIFA HUSSAIN
(Expert)
20 March 2009
IT DEPENDS ON THE METHOD OF ACCOUNTING FOLLOWED BY U WHILE PREPARING I-T RETURN ie., EITHER CASH METHOD OR MERCANTILE METHOD. IN CASE OF CASH METHOD INTEREST IS TO BE SHOWN ON MATURITY AND IN CASE OF MER.METHOD THE INT. IS TO BE ACCRUED EVERY YEAR.
PREFERABLY SHOW INT. EVERY YEAR.
PREFERABLY SHOW INT. EVERY YEAR.
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