interest received on bank fixed deposit

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rajinder singh (Querist)
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22 July 2008 Dear Sir,

My query is regarding interest received on fixed deposit with bank. I made an FD with ICICI Bank as on 15/07/07 and it matured on 14/07/08.The FD was for Rs.150000 and its maturity value was Rs.160184.On this bank has also deducted Tds @10.30 percent. My question is whether the interest income on FD is income for the A.Y 2008-09 OR FOR A.Y 2009-10.

Secondly If the interest income is the income for A.Y 2008-09 can I claim refund of TDS deducted by the bank on interest income of Rs.10184, since my net taxable income is less than the taxable limit i.e. Rs.110000.

Can I now submit to bank form 80G,When a TDS has already been deducted though I havn't encashed my FD as yet.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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22 July 2008 Intt upto 31.03.2008 is income for AY 08-09 while balance for AY 09-10. Your income for AY 08-09 is below the taxable limits. As such, you should obtain a certificate of intt for FY07-08 from bank and treat that part of income for AY 08-09 and balance in next year. However, the TDS will be adjustable in AY 09-10.