A person deposited Rs 5,000 every month for 5 Years in post office RD A/C.
Total sum deposited by him is 5000*12*5 =3,00,000
And on maturity he got 3,74,000
How this interest of 74,000 is taxable ?
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TAXABILITY OF RECCURING DEPOSIT
Replies (5)
Yes it is taxable amount 74000 income from other source and TDS Will be deducted interest on recuring deposit
74,000 is taxable in lump-sum on maturity or 74000/5 =14800 in each year ?
Entire Maturity interest will be taxable in the year of receipt
Yes 74000 rupees is taxable income
Yes, interest received on RD is taxable as income from other sources
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