24 June 2014
The bank interest certificate shows two amounts.One as earned and other as paid.THis is savings bank interest.
Should i take into computation the Earned amount (i.e accrued or the paid amount) and what should be the treatment of the same query in case of FD interest??
24 June 2014
You have considered income as per interest certificate. Income is taxable on the basis of accrued or received which ever is earlier. Therefore, your interest will be taxable as per your Interest Certificate in both cases.
24 June 2014
Bank Interest certificate SHows Earned 11644 and Received as 11241 And incase of FD interest it shows as Earned 83719.23 and Received 142907
What should be the amount that can be taken in both the cases for computation ?
CAclubindia
