Hi,
We have 5 years FD, should we pay tax at the end of the tenure for the income earned from the FD ?
or shud v pay tax yearly as the bank issues form16AS as the FD is cumulative.
Also if we are to declare losses in MFs which ITR should v use?
Pls. Acknowledge.
Thanks,
Akila.
ITR2 for declaring capital gain/loss
Cumulative FD much be paid on accrual basis. That is each year.
Relevant links and FD calculator can be found here:
http://freefincal.com/2013/06/10/comprehensive-fixed-deposit-calculator-i-total-and-advance-tax-liability/
If you have not paid tax each FY so far, then do so from now on.