Accrued interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2016
one company had purchased a policy for leave encashment and retirement benefit policy . Every year company has made payment/ deposit the fund for above policy after adjusting of interest and at the end of the year LIC has credit the interest in the policy as per their deposit fund. This company has treated interest amount in the profit and loss as other income and other hand mentioned as expenditure. based on the treatment company has to pay income tax as per applicable rate. in this case my opinion need not to disclosed as other income as the amount not received in my account. please suggest what will be correct treatment.
10 September 2016
Interest has accrued to your fund account and the interest is not exempted from income tax, so you have to disclose it as other income.
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