Bank interest
This query is : Resolved
23 January 2012
Assuming the same is your personal S.B account, then interest earned there on can be credited to your capital account and there on offered to tax as per the generally accepted accounting principles. Should the same belong to business then interest earned shall be credited to profit and loss account. For computation purpose it shall be deducted from business income and offered to tax as Income from other sources.
28 January 2012
it,s not complete solution and iam not satisfied if u have any other solution except this one i welcome....
29 January 2012
I shall welcome should you have other opinion about the query as the same would be learning for me also.
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