Tax on Maturity Amount of RD not disclosed earlier

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  1. Sanjoy Acharjee

    Sanjoy Acharjee New Member

    A person has received Postal RD Maturity amount during the FY 2015-16 after completion of five years. During the entire tenure no interest was known and not
    any tax paid thereof and not entered in the ITR.
    Maturity amount so received will be declared in the ITR for Fy 2015-16.

    If counted separately and not added to interest from other Savings Bank Account,
    the annual interest is far below Rs.10,000.00.

    What will be tax liability on the maturity amount?
    Is the person liable for any penality?
     
    Last edited: Jul 26, 2016
  2. SUNNY NARANG

    SUNNY NARANG Member

    You have to include entire interest income in current year return and accordingly tax need to be paid. it will be counted separately .
     
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