Tds on fd interest

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Mohit (Querist)
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05 August 2016 Hi , I am wondering if below is correct. Let's suppose i have 5 FD's in which 2 are maturing in FY 15-16 and remaining 3 will be maturing in FY 16-17. TDS has already been deducted by the bank on all 5. Now i want to show the income from FD's on maturity basis rather then accrual basis. Can i do that- is it legally correct? Suppose i am earning 20k as interest from each FD. Can i file my tax return with 40k as interest income/4k TDS and file remaining 60k interest/6k TDS as brought forward in next year tax return i.e. FY 16-17. There are 3 columns in schedule TDS 2: 6) Amount b/f, 7) TDS of the current fin. year 8) In own hands. Can i fill them as TDS of current fin year 1lac/in own hands 40k that means carried forward will be shown as 60k. Is it legally correct or i have misinterpreted the concept. Regards, Mohit

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Amol S Joglekar

Amol S Joglekar (Expert)
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05 August 2016 01. you can select the method of accounting of interest as per your choice. No problem.
02. you can also carry forward TDS if you want or you can claim the same in the year of deduction..

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