Income tax on recurring deposit

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  1. Harish Dandage

    Harish Dandage New Member

    In case of recurring deposits with tenure more than 1 year. How tax is levied on interest as entire amount will be available after tenure.
    For e.g if Mr A Opens RD of 60 months tenure , then Mr. A has to pay the tax after 60 months on the intereat earned or for each FY after the RD is begun. In 2nd case how to get taxable interest earned for each FY
     
  2. Yashveer Jain

    Yashveer Jain Member

    This is quite similar to Bank Fds. Income tax is due when the amount is receivable. Therefore you can collect a certificate or statement from your bank at the end of the FY which will state the amount of interest accrued in your account. You need to consider that amount as Income from other sources.

    Regards
    Yashveer
    [email protected]
     
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