Term deposites

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 March 2014 If a term deposite made on 1-6-2013 is for 2 years and it matures on 1-6-2015, and the depositor/holder of it takes the whole interest together at the end of 2 years, ....then will the whole interest amount be taxable for f.y.2015-16?

Or will the interest amt be taxable as following?:
Interest of fy 2013-14=taxable in f.y.2013-14,
Interest of f.y.2014-15=taxable in f.y.2014-15,
And interest of f.y.2015-16 =taxable for f.y.2015-16???

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 March 2014 Bank will deduct tds on accrual.basis. and you should also offer income from interest on the same - annual basis

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