POSTED BY June 25, 2014 5:54 pm COMMENTS (3)ON
I had opened an FD in the Aug 2013. By 31st March, the accumulated interest in the same was Rs 12000. The bank dutifully deducted the TDS of Rs 1200. In May 2014, I had to pre-close the FD. After the penalty and reduced rate of interest, I got a net credit of Rs 8000 approx.
My question is how much income from FD I have to show in IT return. I don’t know if I can show Rs 12000 because that would have been the income in case I did not break FD. Since I did break, my net income became Rs 9200 (8000 + 1200); the total amount credited plus TDS. This income too is spread over 2 financial years. So, what amount forms the income of last financial year. The bank could not give help.