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Regarding Fdr

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Kamlesh Tolani

accountant

417 Points Posted on 19 August 2020

Respected all members
I have filed my f.y.2018-19 return but not taken fd amount 300000
now f.y.2019-20 how to accounting for this previous year fd account.

Replies (5)

Quick Summary

This discussion addresses how to account for a fixed deposit (FDR) principal amount from a previous financial year (2018-19) when filing the return for the current year (2019-20). The consensus is that only the interest earned on the FDR is taxable and should be declared as 'income from other sources' in the income tax return. It's advised to check Form 26AS for any TDS deducted on the interest and claim it accordingly. The principal amount itself is not declared as income.

Sagar Patel

Tax and Business Consultant

5533 Points Posted on 19 August 2020

You have to disclose interest on Fixed deposit as income from others sources in income tax return, Not invested amount of Fixed deposit.

Himanshu

Student CA Final

68 Points Posted on 20 August 2020

First check your 26 AS if any TDS has been deducted on the interest credited by the bank . TDS if any has been deducted will be shown u/s 194A in the 26 AS statement.

Consider Interest from FDR as other sources income.and claim TDS if any.

Revise the Return as date has been extended and last date to file for AY 19-20 to 30/09/2020.