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Interest on FD [ Term deposit or recurring depost]
sir. interest on F.D, do we have to go by ATS OR AIS, while filing the income tax return
Replies (3)
Quick Summary
Go with AIS report, if the interest certificate issued by bank matches with it.
I have two questions on the subject.
1. Is this income taxable?
2. If yes, then ..... One of my colleagues has gained interest of about 65,000/- from Postal term deposit, which is duly reflected in his AIS. While paying the advance tax, this amount could not be taken into account, resulting in a shortfall of about 20,000/-
Now, will this shortfall invite an interest u/s 234B/ 234C ?
1. Is this income taxable?
2. If yes, then ..... One of my colleagues has gained interest of about 65,000/- from Postal term deposit, which is duly reflected in his AIS. While paying the advance tax, this amount could not be taken into account, resulting in a shortfall of about 20,000/-
Now, will this shortfall invite an interest u/s 234B/ 234C ?
1. Yes, taxable.
2. Yes, chargeable.
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