TAX ON FIXED DEPOSIT INTEREST

Querist : Anonymous (Querist) 04 November 2010 This query is : Resolved
I would like to know how I should show the incoming coming from the FD interest from the Bank.
Currently I am showing as income from other sources. If this amount is working out to be 1,00,000, and the loss from house property is reduced to this tune.
Is it right way to show. However effectively the income tax computation is coming correct as far as the tax payable is concerned. But what is the best way of showing this income? Should I take proper care while filing my returns on this issue.

thanks and regards

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R.Ramachandran (Expert) 04 November 2010
So long as the income tax computation is coming all right it is OK. But, you should show the income from interest under income from other sources in the line provided in the ITR Form.
You should show the income from house property (whether it is + or -) in the line shown for Income from house property.

adv. rajeev ( rajoo ) (Expert) 04 November 2010
If you shown the income from other sources it is better because if TDS is deducted and your net income is below the taxable limit you will get the refund.

CA. CHIKKERUR C R (Expert) 04 November 2010
GRoss Interest Income (before TDS) should be shown under the head of "Income from Other Source". TDS deducted on this should be part of TDS line under form 16A

s.subramanian (Expert) 04 November 2010
I agree.

soumitra basu (Expert) 04 November 2010
Firstly you have to be sure whether you have the right to receive the interest or not. Secondly you may show this either or cash system or mercantile. TDS shall be allowed in the year of showing the income.