Tax on Intrest earned on Fixed Deposit
This query is : Resolved
22 February 2009
If have no other income but have a fixed deposit in the bank for 10 years at the maturity time is the intrest earned taxable & @ what rate
22 February 2009
Please visit
http://money.outlookindia.com/article.aspx?sid=5&cid=38&articleid=2523
Technically speaking interest should be returned on accrual basis.
If Bank affects TDS on accrual basis, show interest income every year and claim credit for TDS
If Bank does not affect TDS on accrual basis, show interest income and claim credit for TDS in the year of receipt
In reality,we have to take a practical view
http://money.outlookindia.com/article.aspx?sid=5&cid=38&articleid=2523
Technically speaking interest should be returned on accrual basis.
If Bank affects TDS on accrual basis, show interest income every year and claim credit for TDS
If Bank does not affect TDS on accrual basis, show interest income and claim credit for TDS in the year of receipt
In reality,we have to take a practical view
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
