Taxability of FD interest
This query is : Resolved
22 February 2020
If i have made an FD for Rs 100000 @12%p.a. on 1 aug 2019 and filed for 15G with the bank, when should i show the interest accrued on it. Also the bank officials asked me to file 15G again in next year between 1 april 2020 and 31st july 2020. Some people suggested me to show interest according to months in the relevant PY while other suggested me to show all the interest when FD is matured
22 February 2020
Law permits to show interest on 'accrual' basis or 'receipt' basis. Choice is yours.
29 February 2020
But what is the need to show interest ITR??
You have submitted 15G/15H.That means you don't have taxable income..
14 April 2020
submitting form 15g/h does not mean that you do not have to show interest in ITR. It means you do not have taxable income and the bank should not deduct TDS. but the interest in earned on FD. also 26AS shows details relating to 15g/h. if you do not show interest , it will be a mismatch
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