Income tax deduction from fixed deposits interest-

Sunny MP (Querist) 19 January 2016 This query is : Resolved
My bank FD Will matured on 2 -2-2016.I want to re deposit or withdrawal with interest after march 2016.No money transaction in this financial year.
Does this interest (income) is taxable in this financial year.
Sunny
Ernakulam
Kerala

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Kumar Doab (Expert) 19 January 2016
Have you asked the bank/Banker, your CA or Income tax lawyer?

What is their opinion?

Sunny MP (Querist) 19 January 2016
I don't asked

Guest (Expert) 19 January 2016
Check with the concerned bank.

Rajendra K Goyal (Expert) 19 January 2016
TDS is deducted by Bank each year / quarter and deposited with the Government and certificate / form 16 is issued which can be checked online in your form 26AS.

You have not mentioned amount of FDR /for how much period the FDR run / period of FDR.

If no TDS was deducted in previous years, you have the option to distribute this income in previous years and revise your return by submitting form. You can account for full interest this year and file return accordingly (recommended).

Even if you do not withdraw interest, it has to be accounted for as income.

K.S.Srinivas (Expert) 29 January 2016
Yes. It attracts tax during the F.Y. 2015-16.

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