A person deposited Rs 5,000 every month for 5 Years in post office RD A/C.
Total sum deposited by him is 5000*12*5 =3,00,000
And on maturity he got 3,74,000
How this interest of 74,000 is taxable ?
5 Replies
Deepak Kumar
(791 Points)
Replied 10 August 2020
Yes it is taxable amount 74000 income from other source and TDS Will be deducted interest on recuring deposit
Chahat Bansal
(226 Points)
Replied 10 August 2020
74,000 is taxable in lump-sum on maturity or 74000/5 =14800 in each year ?
Asha Kanta Sharma
(Manager - Finance & Accounts)
(36355 Points)
Replied 10 August 2020
Entire Maturity interest will be taxable in the year of receipt
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 25 July 2021
Yes 74000 rupees is taxable income
Nidhi
(Chief Accountant)
(3150 Points)
Replied 31 July 2021
Yes, interest received on RD is taxable as income from other sources
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