F.D. Interest
This query is : Resolved
09 May 2008
Suppose I have fixed deposits of Rs.1,00,000.00 On 1/06/2007. For one year i.e. matured on 31/05/2008. The interest is Rs. 8000.00 then what would be the taxable amount in A.Y 08-09.
09 May 2008
if provison is made on 31/03/2008 out standing iterest or interest receivable & shown in the return for the f y 2007-08 & tax is paid if applicable then remaning interest is charged in the f y 2008-09 ohterwise it is charged in the f y 2008-09 whole amount
09 May 2008
I suppose your point is about Individual (status).
(1) If the interest exceeds the TDS limit, you would adopt the following procedure
(a) If the Bank affected TDS in FY 2007-08, return both interest income and TDS as adopted by Bank.
(b) If the Bank did not affect TDS in FY 2007-08 and affects TDS in FY 2008-09 at the time of maturity in May 08, return both interest income and TDS in FY 2008-09.
(2) In your case, the interest per annum is below the TDS limit of Rs 10000; hence return interest income on accrual basis.
(1) If the interest exceeds the TDS limit, you would adopt the following procedure
(a) If the Bank affected TDS in FY 2007-08, return both interest income and TDS as adopted by Bank.
(b) If the Bank did not affect TDS in FY 2007-08 and affects TDS in FY 2008-09 at the time of maturity in May 08, return both interest income and TDS in FY 2008-09.
(2) In your case, the interest per annum is below the TDS limit of Rs 10000; hence return interest income on accrual basis.
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