Hello All,
Please help me on this:
In case of maturity of Cumulative deposits, whether the maturity amount as a whole is treated as income or only the interest portion is treated as income?
Thanks in advance.
Srividya Murali (Article Assisstant) (211 Points)
06 April 2016Hello All,
Please help me on this:
In case of maturity of Cumulative deposits, whether the maturity amount as a whole is treated as income or only the interest portion is treated as income?
Thanks in advance.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 06 April 2016
principal is deemed to have been tax paid, from the bank view
Nitin Chordiya
(CA final Student)
(264 Points)
Replied 06 April 2016
only interest amount will be taxable
Sandeep Sankaran
(Chartered Accountant)
(128 Points)
Replied 06 April 2016
Karan kapoor
(Professional)
(88 Points)
Replied 07 April 2016
Only interest portion is taxable, moreover logically if principle amount is taxed it will amount to double taxation as savings and investments are pre taxed money.
hary
(CA)
(116 Points)
Replied 26 April 2016
Here the principle will be treated as Investement and the intrest amount will be considered as income .
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