Interest treatment on fixed deposit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2013 Hi,
Good morning
I m wcl employee comes under 30% slab.
I deposited Rs.1 lakh in TV 18 Fiexed deposit scheem for 2 years which will matured in 1 jan 2014. Rate of interest will be 11.50%
I didnt got any payment from TV 18.Total Maturity amount i will get in 1 jan 2014.
But in form 26AS they r showing paymnt of rs 12450 an they deduct TDS of Rs 1245.
So how to consider this income.
Is it income from other sources.
or shoud i consider it as short term capital gain

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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21 July 2013 Interest on fixed deposit computed on accrued basis and credited in your FD account after deducting the TDS, that same tds deposited with your PAN. so you can also consider as accrued basis and declare the income and claim the TDS also in your return.

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2013 thanx sir.....means i should consider interest of rs 12450 as income from other sources n pay 30% tax on it....right

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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21 July 2013 Yes need to show as income from other sources Rs.12450 calculate 30% tax and 3% cess and consider TDS deduction of Rs.1245 and balance you pay as self assessment tax and file the return

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