I have a 5Lfixed deposit and 60k in savings account.
The bank has asked to submit DICGC Claim form which is limited to 5L.
My account has been credited with 30k interest and sb interest too and reflects on AIS portal .
While talks of takeover by Saraswat Bank are in progress, the outcome will be known only in September.
I opted to add feedback on the compliance portal by opting partially agree and moved the income to next financial year
The logic is, if the merger does not happen, I am looking at a Dead Loss , since the insurance coverage will limit my FD principal amount only.
If all goes well, the interest income will be added in my current financial year and I will pay tax accordingly.
Conversely, if report the income and the bank fails, I would find it hard to recover tax on interest amount I never received.
Appreciat the guidance from the forum.
Thanks
CAclubindia
