However, the depositor has the option to show the interest income on the year of accrual as well as the year of receipt of interest in the ITR. Tax experts believe that it is always advisable to show the FD interest in the year of accrual despite the fact it is not received. This is mainly because, the investor might fall in a low-income tax bracket and consequently the yearly interest accrued would also be subjected to tax at a lower tax rate. Also, since the bank would deduct TDS on the interest accrued every year and which would be reflected in Form 26AS in such year, this may also avoid any inconsistency between the interest offered to tax every year and TDS deducted on such interest," said Suresh Surana, founder, RSM India.
So, in case interest earned by you during the year is more than the threshold limit the bank will deduct TDS and the same will be reflected on your 26AS. If the taxpayer still wants to pay the tax on the year of maturity of FD, he or she can carry forward the TDS. This should be filled very carefully. As such, credit for all TDS carried forward would be available in the year of maturity when the interest is offered to tax," said Surana. Form 15H for senior citizens and 15G is for other than senior citizens.
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