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Premature withdrawal of fd

CA Saxena (CA) (161 Points)

02 June 2012

1. in case one has withdrawn the amt of FD before due date and does not receive any interest thereon, is there any tax treatment...

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7 Replies

CA Vikrant Arora (Practicing Chartered Accountant) (67 Points)
Replied 02 June 2012

Please give some data to your query.

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CA Saxena (CA) (161 Points)
Replied 02 June 2012

Fd of Rs50000 in PY

Withdrawn in CY and received Rs. 50000 only

meabhijit (Project Manager) (172 Points)
Replied 02 June 2012

Tax is calc on intrest for FD. If no intrest then no tax.

RIZWAN AKHTAR (ACCOUNTS EXECUTIVE) (87 Points)
Replied 04 June 2012

In case of premture of you received partial interest & if interest is less than Rs.10000.00 the tax.

Neha sharma (-) (1257 Points)
Replied 05 June 2012

no tax in this case

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CA.kaya (Chartered accountant) (3990 Points)
Replied 05 June 2012

no tax when no interest income as in this case

DIBYENDU (SERVICE) (266 Points)
Replied 05 June 2012

If at the time of Investigating amount in Fixed Deposit Account if u claim u r investment amount as a benefit u/s 80C at the time of computation of u r taxable Income and withdrawal it before completation of 5 years, counted from the year on which the investment was made., then Rs.50000.00 will be added back with your total income under 'Income from Other Sources' in the year of withdrawl and taxed as per normal slab rate as applies in respective A.Y.