Tds on fd interest

This query is : Resolved

Mohit (Querist)
Follow

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

Read more at: https://www.caclubindia.com/experts/ask_query.asp

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

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..

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

divakar podaturu

Richa Bajoria

Shraddha Pangam

Shailesh Prajapati

Mukund Thakur

Subscribe Now

Tds on fd interest

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Senior Executive