03 July 2016
As an individual tax payer filing ITR 1, section income from other sources, what amount shall I declare in case of fixed deposits and recurring deposits maturing in 2018? Although interest is getting credited quarterly and tds is getting deducted but I will only be getting the monetary benefit in later years.
04 July 2016
You need to show interest accrued to you during the year. The Banker if he deducts TDS is under an obligation to issue Form 16A and you can see for the TDS credits in Form 26AS getting reflected. You have to offer the interest earned on Fixed deposit on accrual basis.
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