04 January 2015
I have invested Rs.50000/- in Tax Saver Fixed Deposit in the FY 2013-14. The bank will not deduct TDS on interest accrued during the current financial year, since the interest accrued amount has not crossed the threshold limit. Is it necessary to include such interest accrued amount with my income and pay tax for it?
05 January 2015
it is upto you how you like to treat it, if you want's to treat on cash basis it will be taxable on the time of receipt. However if you want to treat on accrual basis ask the bank for interest certificate. further you can also refer the this discussion also. https://www.caclubindia.com/experts/interest-on-fixed-deposit--1948044.asp
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