Interest on cumulative deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2013
Is the interest on cumulative deposit taxable for income tax?
17 September 2013
Yes... Taxability of interest income on deposit is not dependent on whether it is paid out or accumulated and reinvested. So, the interest on cumulative deposit is taxable for income tax.
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