FD's for more than one year

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Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2011 for FD's for more than one year , do we need to get statement (so call form 16A) of interest accrual on these fd's for each financial year from respective bank as interest that would different as compounded quarterly.

CA Debasish Banerjee

CA Debasish Banerjee (Expert)
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02 February 2011 It would help you to compute your income and also to know if any TDS is deducted. It is surely helpful to have a statement / Form 16A from the Bank

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 February 2011 In Form 16A details of Interest is given on which TDS has been deducted by bank.

Due to compounding of interest in every quarter, interest amount varies.

In case in your calculation and in bank's calculation , if there is a slight difference, adopt bank's calculation in your tax returns.

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Guest

Guest (Expert)

02 February 2011 Agree with Mr. Bafna