Interest on fd
This query is : Resolved
30 April 2017
Hi Everyone,
I have made a FD off Rs.5,00,000 @10% for 5 Years(Maturity April 2021) in April 2016. Now I have to fill my Income tax return.
Shall i show in ITR of this Accrued interest in this AY 2017-2018 or Shall i show at the time of Maturity
Please clarify
Advance Thanks
I have made a FD off Rs.5,00,000 @10% for 5 Years(Maturity April 2021) in April 2016. Now I have to fill my Income tax return.
Shall i show in ITR of this Accrued interest in this AY 2017-2018 or Shall i show at the time of Maturity
Please clarify
Advance Thanks
30 April 2017
You should show the accured interest in your ITR because bank follow accural basis and deduct TDS on the same.
And if you don't show the interest in your ITR than there will be mismatch of your IT return with 26AS.
02 May 2017
If bank is deducting TDS and the same is reflecting in 26AS the best way is to go according to 26AS. If not you may either show interest on accrued basis or on maturity also. But it is better to show on accrual basis every year.
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