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)
Quick Summary
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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