Facts:
1)An amount has been invested in Fixed Deposit with the Bank for a period of 5-years. The Bank deducts TDS on the amount of interest ACCRUED quarterly. Quarterly TDS certificates too are issued by the bank in respect of this tax deduction.
2)This entire amount of INTEREST ACCRUED every year BUT NOT RECEIVED, would be shown as an INCOME in the 5th year, i.e. on actual receipt of Interest income.
3)The assessee maintains books on cash system.
Query:
1)Can the assessee claim every year the amount of Tax deducted (TDS) by the bank annually? OR
2)Can the assessee claim the entire amount of tax deducted annually by the bank, in the 5th year, i.e. in the year when the amount of Interest is actually received and shown in the return of income?
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