Tax on Intrest earned on Fixed Deposit
This query is : Resolved
22 February 2009
If have no other income but have a fixed deposit in the bank for 10 years at the maturity time is the intrest earned taxable & @ what rate
22 February 2009
Please visit
http://money.outlookindia.com/article.aspx?sid=5&cid=38&articleid=2523
Technically speaking interest should be returned on accrual basis.
If Bank affects TDS on accrual basis, show interest income every year and claim credit for TDS
If Bank does not affect TDS on accrual basis, show interest income and claim credit for TDS in the year of receipt
In reality,we have to take a practical view
http://money.outlookindia.com/article.aspx?sid=5&cid=38&articleid=2523
Technically speaking interest should be returned on accrual basis.
If Bank affects TDS on accrual basis, show interest income every year and claim credit for TDS
If Bank does not affect TDS on accrual basis, show interest income and claim credit for TDS in the year of receipt
In reality,we have to take a practical view
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