Net maturity value of fixed deposit A/C on cumulative interest
Overall I want to know whether net maturity value at hand for this a/cs will be maturity value minus TDS accrued for all (say)5 years period.If the maturity value is say Rs 150000 and TDS for all years is (say) Rs 5000,net maturity value to be given is Rs 145000.
Asked 3 years ago in Income Tax from Kolkata, West Bengal
TDS will be deducted every year and same shall reflect in your 26AS
yes if tds is collected by the bankers on yearly accrual basis.
Yes Net Maturity value is Rs. 1,45,000/- in the example cited by you.
As per your above version the net maturity value is correct. But can you please explain what exactly is your question whether it relates to any income or only principle value. Because TDS will be deducted on interest amount. In income tax you need to declare the interest before TDS for computing your total income.