Taxability of interest on recurring deposit

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Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2018 if an assessee has started R.D. of monthly installment of Rs.1050 for 6 years on 12/03/2012 which will matured at Rs.100285 on 12/03/2018. now I want to the taxability of interest which is difference of 100285-75600(1050×72)i.e.24685,whether it will be taxed proportionately for all the 6 years or taxed in the year of maturity?

Arpit

Arpit (Expert)
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19 February 2018 if interest income from RD is shown in the yearly return then it will be taxed proportionally. Else, it will be taxed at maturity

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2018 Thank you for your reply,here assessee is starting filing return for AY2017-18 so he can show 5th year's interest propotionately,can he do so?

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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26 July 2025 https://docs.google.com/document/d/1aIvU5vjyO9hnDLqY1JC8lhvsnIZ9A84CTmsLt-4TweY/edit?usp=sharing

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