Income tax on FD1

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13 Points Posted on 28 December 2022
Fd created for 3 years. Interest will be received on maturity. Do I need to pay tax every year or on maturity financial year.
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On 28 December 2022 at 17:02 Report
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Quick Summary
When you have a Fixed Deposit (FD) with a 3-year term where interest is paid on maturity, you generally need to declare the accrued interest in your Income Tax Return (ITR) every financial year. This is because banks report the interest earned annually. Declaring it on an accrual basis helps you comply with tax regulations and avoid potential notices from the Income Tax Department.

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SEO Sai Gr. Hosp.
212503 Points Posted on 28 December 2022

As bank will be declaring the interest amount every year, it is advisable to declare the accumulated interest amount by end of march every year in ITR.

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On 28 December 2022 at 17:26
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CFO- at NHTF
58280 Points Posted on 28 December 2022
Interest should be declared in ITR based on accrual basis . Else you may get an sms and email from IT Dept
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On 28 December 2022 at 20:12

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