Dear sir,I have two fixed deposits Rs 300000/-& Rs 500000/- which i have opted for auto renewal of principal and interest and the same if happening for the past 3 years. The amount on maturity is not getting transferred to my account but getting automatically renewed for another year.
My query - while filing income tax returns is it necessary to show this since no cash transaction is happening in my account or when ever i opt to transfer the amount to my account i should show this fixed deposit(principal +interest). Kindly advice.
CAclubindia
