income tax on interest of fixed deposit

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  1. Anand Kadu

    Anand Kadu New Member

    My FD matured in month of July 2016. Interest earned on that was credited on maturity in my account as per my instruction and not on mothly or quarterly basis.
    In whic FY shall I include interest earned in IT return?
    15-16 or 16-17?
     
  2. ZED

    ZED Well-Known Member

    Whether the tax was deducted on FD?
    Check form 26AS.
     
  3. Anand Kadu

    Anand Kadu New Member

    Which tax?TDS?
     
  4. ZED

    ZED Well-Known Member

    Yup, confirm me whether tax was deducted?
    Interest from FD can be chargeable either on accrual basis or on receipt basis[S.145]. It is important to know whether an tax was deducted therefrom or not.
     
  5. Anand Kadu

    Anand Kadu New Member

    No
    26 AS doesn't show any tax deduction at any place.
    I have filled 15G.
     
  6. ZED

    ZED Well-Known Member

    Ok, you can show it as income in this F.Y (i.e F.Y 2016-17) , by treating the income on receipt basis.
     
  7. Anand Kadu

    Anand Kadu New Member

    Ok.
    And do we need to pay tax before efiling?
    If yes do we have to give some referencr number while filing it?
     
  8. ZED

    ZED Well-Known Member

    Yes, it is advisable that tax be paid before filing of return.
    The BSR code which will be generated after the payment will have to be entered at the time of filing of the return.
     
  9. Anand Kadu

    Anand Kadu New Member

    OK
    And if I was employed by two employers in one FY do I need to file to itr or single will do?
     
  10. ZED

    ZED Well-Known Member

    Single only , but do declare your income from both the employer.
     
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