Tax treatment for closure of term deposits
This query is : Resolved
mallikarjun
(Querist)
15 February 2016
Dear Sir/madam
may i have solution for my query
Thanks in advance
we are having term deposits of 1.5 crore value and during this year we had received interest on term deposits and at the end of year we closed that term deposit
for this what is the tax treatment in Income tax
may i have solution for my query
Thanks in advance
we are having term deposits of 1.5 crore value and during this year we had received interest on term deposits and at the end of year we closed that term deposit
for this what is the tax treatment in Income tax
Suresh Ramaswamy
(Expert)
15 February 2016
Interest earned on term deposits is subject to tax and to be included in total income. The principal of Rs.1.5 crore is not to be considered since it is accumulation for tax paid income in earlier years.
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