Accrual taxation of deposit interest: yearly interest on reinvestment and recurring deposits taxed as income, deductions permitted. Interest under reinvestment, recurring deposit and similar schemes is treated on an accrual basis: interest calculated at the stipulated annual rate for each year is taxable as income accrued in that year, and the annual interest so allocated is eligible for deduction under section 80L.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Accrual taxation of deposit interest: yearly interest on reinvestment and recurring deposits taxed as income, deductions permitted.
Interest under reinvestment, recurring deposit and similar schemes is treated on an accrual basis: interest calculated at the stipulated annual rate for each year is taxable as income accrued in that year, and the annual interest so allocated is eligible for deduction under section 80L.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.