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Tax under icds
The company deposited Rs.15,00,000/- (cumulative basis) with bank for 5 years. whether interest accrued to be calculated for every year or interest received at time of maturity as the income of that year.
Replies (2)
Every yearly and offered for tax. (Banks deduct TDS every quarterly & report to ITD)
It is taxable on accrual bases. Ask your bank for FD statement.
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