Taxability of interest on recurring deposit
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2018
if an assessee has started R.D. of monthly installment of Rs.1050 for 6 years on 12/03/2012 which will matured at Rs.100285 on 12/03/2018. now I want to the taxability of interest which is difference of 100285-75600(1050×72)i.e.24685,whether it will be taxed proportionately for all the 6 years or taxed in the year of maturity?
19 February 2018
if interest income from RD is shown in the yearly return then it will be taxed proportionally. Else, it will be taxed at maturity
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 February 2018
Thank you for your reply,here assessee is starting filing return for AY2017-18 so he can show 5th year's interest propotionately,can he do so?
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