Please describe the taxability of Recurring Deposit Interest. I want to know how the Interest received from RD Account is taxable and how to show that in the ITR......
4 Replies
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 09 July 2018
Interest from RD shall be taxable under income from Other source.
No deduction will be available under Sec 80 TTA. Rs.10,000 deduction will only be available to SB account interest.
CMA Sagar Das
(Working in Manufacturing Comapny)
(149 Points)
Replied 09 July 2018
Whether interest will be taxable on yearly basis por I have to show the total interest received in the year of maturity?
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 09 July 2018
Interest shall be shown on yearly basis ie on accrual basis and not on maurity basis.
CMA Sagar Das
(Working in Manufacturing Comapny)
(149 Points)
Replied 09 July 2018
how to calculate interest on yearly basis? please explain elaborately......suppose i have opened a Rd account on 1.3.2016 for rs. 500 p.m. then what will be interest chargeable for the F.Y.2017-18
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