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Fixed deposit income
Fixed Deposit in any private Financial Institute is taxable on accrual or maturity basis?
Replies (6)
Income from fixed deposits is taxable in accrual basis.
Is Amount received at the time of Maturity is fully taxable under Income from other sources.( FD is made in Sahara)
If interest was not taxes previously on accrual basis then the entire interest received at the time of maturity will be taxable now.
What about Principal Amount?
Principal is not income. It can never be taxed.
Ok, that means Principal is already taxed Income. So, again taxing it leads to double taxation.It is correct?
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