Tax related queries (Interest income)

Q & A ForumCategory: BankingTax related queries (Interest income)
Shoaib2412 asked 9 years ago
Sir, My bank Interest statement shows amount of total rs. 20570 in which interest paid is 8500 and interest accrual is 12070 . My form 16A shows deduction on total amount at 10% and reflects in form 26AS also.. my query is on which amount I have to pay tax if it is interest paid or on interest accrual or on total amount.
1 Answers
Sreekanth Staff answered 9 years ago
Hi, Suggest you to follow 'accrual' basis and file your taxes accordingly. Kindly read : https://www.relakhs.com/recurring-deposit-taxes-bank-fd-rd-interest-itr/ https://www.relakhs.com/latest-tds-rates-chart-fy-2017-18/
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