banner_ad

Interest income tax liability

Others 261 views 1 replies
Hello, One of my relative deposited Rs.5 Lakhs in a Financial Institution. The Scheme is as folows - Within 5 and a half year the initial deposit ie. Rs.5 Lakhs get doubled.The amount accrued and credited Rs. 10Lakhs in his bank account during 2015-16. During these years no Tds deducted . How he file his income tax return during the F.Y 2015-16? What is the tax treatment of Rs. 5 Lakhs (interest income) received? Can we consider Rs.5 Lakhs as income of F.Y 2015-16 and compute income tax by applying slab rate in the head " Income from Other Source"? Can he take Chapter VI Deductions? Waiting for your advice.
Replies (1)
In these kinds of scheme u have to calculate interest annually, and show such interest as income of that year. This way they are shown. When TDS is deducted ?


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details