Accrued interest on TDR
This query is : Resolved
05 September 2020
Sir,
I would like to know the treatment of Accrued interest income in case of following TDR:
Date of Deposit: 01.01.2017
Date of Maturity: 01.01.2020
Accrued interest as on 31.03.2017:X
Accrued interest as on 31.03.2018:Y
Accrued interest as on 31.03.2019:Z
X is included in Y and Y is included in Z.
How accrued interest will be calculated for the FY2017-18, 2018-19,2019-20.
Please help me regarding this. Thanks.
I would like to know the treatment of Accrued interest income in case of following TDR:
Date of Deposit: 01.01.2017
Date of Maturity: 01.01.2020
Accrued interest as on 31.03.2017:X
Accrued interest as on 31.03.2018:Y
Accrued interest as on 31.03.2019:Z
X is included in Y and Y is included in Z.
How accrued interest will be calculated for the FY2017-18, 2018-19,2019-20.
Please help me regarding this. Thanks.
05 September 2020
Every year bank will credit accrued interest on FD end of financial year ,you can obtain interest statement from bank on same bank will do tds , if you give form 15G/H same will reflect in 26As
05 September 2020
Sir, what will be the accounting treatment if interest is only payable at Maturity. (being a petty principal amount, No TDS to be deducted)
05 September 2020
As per income tax you have to recognise interest in the year which accrued same can be added to FD /TD , accrued interest is taxable as income from other sources even though interest is paid at maturity.
Each year extent of tds adjusting
fDR/Tdr a/c dr
TDS receivable Dr
interest on FD
On maturity
bank dr
fd/Td Cr
Each year extent of tds adjusting
fDR/Tdr a/c dr
TDS receivable Dr
interest on FD
On maturity
bank dr
fd/Td Cr
05 September 2020
Thank you sir. It helped me a lot.
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