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Tax on long term deposits
Long term term deposits, interest is reinvested and is not paid. Now will the tax be paid at the time of maturity? . Or on accrual basis yearly basis. But the bank can deduct tax on full amount of interest paid at the time of maturity?
Replies (2)
Quick Summary
In term deposit income needs to be shown on accrual basis.
Bank also deduct TDS on accrual basis
Bank also deduct TDS on accrual basis
SEE AIS UNDER SERVICES OR 26AS UNDER SERVICES IN PORTAL SELF LEARNING, WHEN PAID TDS DEDUCTED
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