27 July 2011
I have a 5 year Tax saving Fixed Deposit since 2008, for last 2 years I do not have the knowledge about accrued interest I was getting on it, I thought the tax on interest is payable on maturity only, now it was realized that I am getting accrued Interest after I saw the TDS got deducted by bank in FORM-26AS, now i have taken the interest certificate for financial year 2010-2011, can i pay tax on accrual basis now onwards for the interest on third, fourth and fifth year and remaining Tax for 1st and 2nd year interest later on Maturity.
27 July 2011
Forgetting is not a valid excuse. i will suggest you to show all the accrued interest till now in this return and claim all the TDS deducted till now. pay the tax if any or claim refund. do ask the bank to provide all the TDS certificates.
29 July 2011
Collect the TDS certificate from the bank. For assessment year 2010-11 you can file a revised return after taking interest from FD as income from other sources and adjust the TDS against EH INCOME
CAclubindia
