Basis of taxation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 February 2014 I filed my 1st return(well below taxable limit) in June 13. While filing, I have taken interest on two of my FDs on accrual basis and shown them appropriately. However, I forgot about 2 of my earlier Fds. My question is that whether can I take the interest received from the 2 fds left on cash basis in the year of receipt or should I revise the return.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

13 February 2014 Well u can revise the return there is no harm in doing so.

Querist : Anonymous

Querist : Anonymous (Querist)

13 February 2014 What could be the consequences if I choose the other option

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

14 February 2014 well it is inconsistent practice...the AO can add such accrued income to your return. Whether it results in any tax liability or not is something i cant comment on the basis of info available here.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok