Dear sir,
I have done 3 FD's with hdfc bank on the month of 10/11/18 for one year. The interest payout i have opted at the time of maturity that will be on 09/11/19. Now, should i have to add d income from interest in my return for FY 2018-19 upto march (by calculating d part f interest for individual quarter). Or the whole interest will be consider income in next financial year 2019-20.
Actually, i have to plan my savings accordingly to reduce my final return tax for this Fy 2018-19.
2) what d bank do under this case. shall they deduct tax with form 16a @ time of matuarity or consider upto this march 19 as a separate.
thanking to all for there valuable time under this dicussion in advance.
-Djoshi
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Interest over FD while accounting income
Replies (4)
Sir,
The amount to be shown in the return will be depend on your 26AS.
The amount to be shown in the return will be depend on your 26AS.
@ soma ji...yes ofcourse, but i want to know whether d bank will show d interest and tax deduction in dis financial year till march 2019. or, will it be at the time of maturity Nov, 2019 which will be accounted in next financial year???
Sir,
As per sec 192A the deductor[i.e.,bank] should be deduct TDS at the time of payment [ or ] credit to your FD which ever is earlier. So, bank will be deduct at the time of credit.
As per sec 192A the deductor[i.e.,bank] should be deduct TDS at the time of payment [ or ] credit to your FD which ever is earlier. So, bank will be deduct at the time of credit.
thank u so much mam fr clearifing.
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