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
Menu
Premature Fixed deposit tax treatment
Replies (2)
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.
Sachin you have to find out the interest income for the relevant year and offer only the interest income for taxation
the return of pricipal amount is not taxable on premature withdrawal
the return of pricipal amount is not taxable on premature withdrawal
Recent Topic
- Gift recd from brother
- How to show Loan write off in DPT 3?
- Form 10E and Salary arrear
- LTCG U/S 54F. Sale of property plus sale of share
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
Related Topics
CAclubindia
