Sanjit (not applicable) 30 April 2019
I would like to find this out once and for all....
My Fixed / term deposits sometimes have interest payout on maturity while others are payable quarterly. Some deposits are long term not maturing in the current financial year while others do mature during the financial year.
banks give me my interest certificates as requested by me.
Some banks like HDFC give figures of total interest earned and interest accrued - what to take in ITR? (my guess is interest earned as is probably includes interest accrued)
Others like greater Bank give figures of Interest paid and Interest accrued - what to use in ITR? (my guess is both)
Please confirm or guide me in this regard
Dhirajlal Rambhia (KVO Merau Kutchh) 30 April 2019
Practically, interest earned is same as interest paid, different banks adopt different nomenclature.
& interest earned does not include interest accrued, at least in these bank's statements.
So, for declaration in ITR sum up both the figures.
Sanjit (not applicable) 01 May 2019
interest earned may not be the same as interest paid if interest is paid on maturity of such deposit which extends beyond the financial year under consideration
Cannot check with 25AS as amounts are less than Rs 10000