Hi
Kindly guide if we withdraw our Fixed deposit with bank before maturity period then what will be the treatment of Fixed deposit withdrawl before maturity period ?Whether taxable or exempted income while filing ITR .
Regards
Sachin Alwadhi
Hi
Kindly guide if we withdraw our Fixed deposit with bank before maturity period then what will be the treatment of Fixed deposit withdrawl before maturity period ?Whether taxable or exempted income while filing ITR .
Regards
Sachin Alwadhi
FD as such is not taxable. For pre-closure of FD, banks usually charge penalty which will be a cut from the interest. Net interest income is taxable.
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