Reccuring Deposit Taxablility
tarun singh (student) (204 Points)
20 August 2021
Can we claim deduction on investment in RD or does it attract taxability on Maturity amount ?
5 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 21 August 2021
It is taxable on maturity amount.. if interest exceeds 40000 rupees then tds should be deducted
CA Raj Doshi
(Practising CA)
(8944 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
Only interest amount is taxable as income from other sources
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