Please describe the taxability of Recurring Deposit Interest. I want to know how the Interest received from RD Account is taxable and how to show that in the ITR......
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Recurring deposit
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Interest from RD shall be taxable under income from Other source.
No deduction will be available under Sec 80 TTA. Rs.10,000 deduction will only be available to SB account interest.
Whether interest will be taxable on yearly basis por I have to show the total interest received in the year of maturity?
Interest shall be shown on yearly basis ie on accrual basis and not on maurity basis.
how to calculate interest on yearly basis? please explain elaborately......suppose i have opened a Rd account on 1.3.2016 for rs. 500 p.m. then what will be interest chargeable for the F.Y.2017-18
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