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Interest from tax saving fd

ITR 613 views 1 replies

kannan

manager

24 Points Joined March 2012

Dear All,

I have TDS deducted @ 10% from my Tax Saving FD but actually I have not received any interest in my account (5years lock-in). How do I show this interest (which is not received) and TDS deducted in my returns?

Thanks

Kannan

Dear All, Do i need to show bank interest on my fixed deposits in my my return. If yes, where to show that. Secondly ,bank has deducted TDS on those deposits and has issued Form 16 A to me. Do i need to pay tax again on that interest by clubbing it with my salary income. Pls clarify. Thanks Rohit Kumar

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Replies (1)

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

The TDS on interest is being made on accrual basis, hence you have not recd the interest since the FD is yet to mature.

you can show the interest receivable as per Form 16A in as income from other sources in your I-T return and claim the TDS made by the bank from the tax payable.