Hi
Kindly guide if we withdraw our Fixed deposit with bank before maturity period then what will be the treatment of Fixed deposit withdrawl before maturity period ?Whether taxable or exempted income while filing ITR .
Regards
Sachin Alwadhi
2 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 18 June 2021
FD as such is not taxable. For pre-closure of FD, banks usually charge penalty which will be a cut from the interest. Net interest income is taxable.
veerendar singh
(tax consultant)
(3301 Points)
Replied 19 June 2021
Sachin you have to find out the interest income for the relevant year and offer only the interest income for taxation
the return of pricipal amount is not taxable on premature withdrawal
the return of pricipal amount is not taxable on premature withdrawal
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