How to calculate income tax on bank fixed deposit inerest

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

17 July 2013 Hi,

I have Bank fixed deposit of rs 500000/-
for 2 years and interest is paid at maturity.

1)Fixed deposit was made on 3rd july 2011 and
has matured on 3rd july 2013.

As it has traversed 3 financial year
I have submitted 15H(Being a senior citizen)
For FY 2011-2012,2012-2013,2013-2014.
as I have calculated for the financial years including this income my tax will be nil. bank has not deducted Tds

Now i have got Rs credited in my account on 3rd july,2013 Rs.609201 (Interest 109201). My question is this interest 109201/- is income from other source in FY
2013-14. or the accured interest on this Fy 2013-14. Please advise.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

17 July 2013 it is income from other source for the FY 13-14 AND AY 14-15 if it has matured on 3.7.2013.

no need to show this income in itr for ay 13-14.

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

17 July 2013 1)interest income is taxable under "income from other sources "in the previous year in which it is received.

2)as you have received interest in F.Y.2013-14 it is taxable in A.Y.2014-15

Thanks & regards
Ganesh babu k

Upgrade to CAclubindia Pro. Subscribe Now!

CA Mukesh Jain S

CA Mukesh Jain S (Expert)
Follow

17 July 2013 Agree with both the experts.

Querist : Anonymous

Querist : Anonymous (Querist)

17 July 2013 Hi,
But how it is taxable? In financial yr 2013-2014, it has accured interest for 3mnths 3 days. April 2013, May 2013, June 2013, 3 days in july.

Please clarify in 2013-14 financial yr interest will be for this 3mnths 3 days for whole 2 yrs interesr