LIVE GST Audit Course by CA Sachin Jain. Register Now!!

Reccuring Deposit Taxablility

tarun singh (student) (190 Points)

20 August 2021

Can we claim deduction on investment in RD or does it attract taxability on Maturity amount ?

Reply
Follow
Share

5 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 21 August 2021

It is taxable on maturity amount.. if interest exceeds 40000 rupees then tds should be deducted

tarun singh (student) (190 Points)
Replied 21 August 2021

Only interest amount ?

CA Raj Doshi (Practising CA) (8790 Points)
Replied 21 August 2021

The taxability is only of Interest. You should offer the interest for tax on accrual basis rather than maturity basis. Investment in RD is not an eligible deduction for tax purposes.

Nidhi (Chief Accountant) (3150 Points)
Replied 21 August 2021

You can not claim deduction on investment in RD, it's not eligible for deduction.
Only interest amount is taxable as income from other sources

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 22 August 2021

Agree with raj ji

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Trending Online Classes

Live Course On Gst Audit Finalization & Revenue Finding Techniques - Analytical Session For Gst Officers & Staff

Sachin Jain

Enroll Now

05 May 2024
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"

CA Vishal Zawar

Enroll Now

01 May 2024
5th Live Batch for Basic and Advanced MS Excel

CA Vishal Zawar

Enroll Now

20 May 2024

view all classess

Subscribe to the latest topics :

Search Forum:

Forum Home

Popular Threads