Interest on FDR is taxable on Accrued basis or cash basis???
Taxability of Interest on FDR
CA NIMESH THAKKAR (providing professional services.) (57 Points)
07 June 2010
1 Replies
CA Shiv
(Business Controller)
(2987 Points)
Replied 07 June 2010
It is taxable on both basis. Depends how you want to do it. If you want to tax it on accrual basis, than you have to offer interest income regularly and cannot change accounting later on.
Advisable is to taxed at time of maturity. If tds is deducted than you can claim it once....
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