Bank and fd interest treatment in computationof income
This query is : Open
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??
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??
Nischit Sanghavi
(Expert)
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.
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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 ?
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 ?
Rupesh Jain
(Expert)
24 June 2014
you have to take income as earned interest . it is same in both saving bank and FDR .
CA Shashank Jain
(Expert)
25 June 2014
How can your fd interest income earned is less than the amount received?
Does the income received is of previous outstandings?
Does the income received is of previous outstandings?
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