ITR clarification

POSTED BY akila mahesh ON July 8, 2013 5:42 pm ONE COMMENT

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.

One reply on this article “ITR clarification”

  1. 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.

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