Interest on FD [ Term deposit or recurring depost]
T.N.Reddy (M.Com) (255 Points)
20 June 2023
sir. interest on F.D, do we have to go by ATS OR AIS, while filing the income tax return
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 20 June 2023
Go with AIS report, if the interest certificate issued by bank matches with it.
Swapan Kumar Giri
(68 Points)
Replied 24 June 2023
I have two questions on the subject.
1. Is this income taxable?
2. If yes, then ..... One of my colleagues has gained interest of about 65,000/- from Postal term deposit, which is duly reflected in his AIS. While paying the advance tax, this amount could not be taken into account, resulting in a shortfall of about 20,000/-
Now, will this shortfall invite an interest u/s 234B/ 234C ?
1. Is this income taxable?
2. If yes, then ..... One of my colleagues has gained interest of about 65,000/- from Postal term deposit, which is duly reflected in his AIS. While paying the advance tax, this amount could not be taken into account, resulting in a shortfall of about 20,000/-
Now, will this shortfall invite an interest u/s 234B/ 234C ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 24 June 2023
1. Yes, taxable.
2. Yes, chargeable.
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
