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Interest on Fixed Deposits - Auto Renewal

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 October 2010 Will auto renewal of Fixed Deposits be considered as a receipt (in year of renewal) if a person shows his income on receipt basis...?

Thanks in Advance
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
12 October 2010 receipt doesn't mean cash receipt. on renewal interest will be treated as income.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
17 October 2010 The interest portion will be taken into income of the assessee in the previous year in which the FD was renewed.
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