Tax saving fd

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1 Points Posted on 08 November 2020

Hi 

I have invested 30000 in tax saving deposit in the year 2015  to claim under 80c.Now the fd is matured and got paid out in January.i got 46216 in return.Now the interest amount what I earned (46216-30000= 16216)  is to be declared as income other than salary? Or entire 46216 to be declared as income other than salary? Or is it not necessary as it is tax saving FD?

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On 08 November 2020 at 09:13 Report
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Quick Summary
This discussion clarifies how to declare matured tax-saving Fixed Deposit (FD) interest on your tax return. Only the interest earned, not the principal amount, needs to be declared as income from other sources. If you are a senior citizen, you may be eligible for deductions under Section 80TTB.

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Accountant
3662 Points Posted on 08 November 2020
Only Intetest portion is taxable

You need to show interest income in ITR on accrual basis if not show

Add 16216 interest income in current year income
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On 08 November 2020 at 09:45
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Student
23693 Points Posted on 09 November 2020
@ Vimala Tappeta,

Only the Interest portion of the Fixed Deposit i.e. Rs. 16,216/- will be taxable for Income Tax purpose under the head Income from Other Sources.

But if your are a Senior Citizen ( 60 years and above ), then there are certain Deductions allowed under Section 80TTB of CHAPTER VIA of the Income Tax Act 1961.
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On 09 November 2020 at 15:16

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