if a person received fixed deposit amount before date of maturity. The amount received falls under which head of income and any other dealing.
7 Replies
Singh Kamboj
(409 Points)
Replied 19 August 2018
sir he receive this own amount without any ineterst
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 19 August 2018
The principal so received doesnt fall under any head of income. Its mere repayment of principal amount.
Interest or excess received (if any) would fall under the head Income from Other Sources.
Piyush Shirodkar
(CA Final Student)
(1358 Points)
Replied 19 August 2018
Fixed Deposit is done with a view to earn interest.
Bank obviously pays interest.
Whether you redeem your FD or before maturity, banks will pay interest.
interest will be income from other sources, principal amount no effect
Bank obviously pays interest.
Whether you redeem your FD or before maturity, banks will pay interest.
interest will be income from other sources, principal amount no effect
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