taxation of fd
This query is : Resolved
12 December 2009
I want to know why on the maturity of fd & principal amt received is not taxable only interest is taxable
12 December 2009
Principal amount is your capital,
only interest is income,
Income tax is levied on income,
so only interest is taxable
only interest is income,
Income tax is levied on income,
so only interest is taxable
12 December 2009
Agree with Balram .
The FD Prinicipal amount is invested out of capital generated through income already charged to Tax. Whereas the Interest is new income generated hence taxable.
CA Amitabh Gupta
Indore
ag_ind@rediffmail.com
The FD Prinicipal amount is invested out of capital generated through income already charged to Tax. Whereas the Interest is new income generated hence taxable.
CA Amitabh Gupta
Indore
ag_ind@rediffmail.com
12 December 2009
agree to all experts,
Even your Monthly Saving Principle Amounts are Calculating in your Investment...in B/S but Interest is gain of your investment so it will be taxable..in income from other sources
Even your Monthly Saving Principle Amounts are Calculating in your Investment...in B/S but Interest is gain of your investment so it will be taxable..in income from other sources
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