Dear sir
I have FD and RD in icici bank on which there is accrued interest income of 46000 but no TDS deduced.do I need to show this in ITR .I am a sr citizen.
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Accrued interest Income
Replies (7)
NO
Show as income from other sources, once credited in account.
The interest need to be declared in ITR and offered to tax, under head IFOS.
Yes, you must show in ITR
Yes... The interest income must be show in your ITR.
You have an option to declare your on accrual basis or cash basis. It is advisable to declare your on accrual basis as you are a senior citizen and eligible for deduction of interest up to Rs. 50,000.00 under section 80TTB. Therefore, declare the income on accrual basis and claim the deduction u/s 80TTB.
income from other sources
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