Is refund of tds possible in this case?

For the purpose of Income Tax, the Financial Year shall be 1st April to 31st March (12 months) every year applicable to all assessees.

Whatever income received or accrued during the finacial year will be liable to Income tax.

It is immaterial whether FD is prematured or matured on due date and interest on FD for the FY (12 months) should only be considered while computing the IT. 

As TDS deducted on interest for the previous uear, U can claim refund by filing IT return.

 

Thanks a lot for your reply. I have one related doubt which I mentioned in my query but here explain it fully. Can you please help me by clearing this doubt? The issue is "is it possible to change from showing interest-income from received basis to accrued basis". The cause of confusion is that some people say one can not adopt both the basis. Now earlier I had one fixed deposit for three years for which I did not show the interest accrue for each year and only on maturity I added interest-income to total income for purpose of tax calculation. Now for FY2011-2012, there is one fixed deposit which got matured and there are some remaining fixed deposits not yet matured but some interest had accrued till 31st March, 2012. Am I allowed to add interest for both the matured FD and those not yet matured? In future I want to completely shift to showing interest-income on accrued basis. Earlier I adopted "received basis" interest calculation due to ignorance. Please suggest.

I clearly mentioned in my reply that 'whatever income received or accrued during the year' is taxable.

By adopting matching concept, It is better to show your income on accrual basis since your Banker is determining interest payments on accrual basis.

 

Agree with Mr. Subhash Dangi. u show the interest income on accrued basis bcz bank will deduct the TDS on accrued basis. so u will can claim that TDS refund. However u can submit 15G if ur income is below the maximum amount not chargeable to tax.