Deemed to be received
This query is : Resolved
22 August 2021
Sir,
I have deposited 3 lakhs in a co op bank for 1 year from 18-8-20 to 17-8-21. In 26 AS the co op bank has shown interest from 17-08-20 to 31-3-21 as paid to me in 26 AS. I was made to account the amount as received in the returns for assessment year 21-22 though I had received the amount on 17-8-21 along the principle on maturity. Please advice me what to do and is it standard practice to show the amount as paid with out paying.
Nageswara rao
I have deposited 3 lakhs in a co op bank for 1 year from 18-8-20 to 17-8-21. In 26 AS the co op bank has shown interest from 17-08-20 to 31-3-21 as paid to me in 26 AS. I was made to account the amount as received in the returns for assessment year 21-22 though I had received the amount on 17-8-21 along the principle on maturity. Please advice me what to do and is it standard practice to show the amount as paid with out paying.
Nageswara rao
22 August 2021
It's accrual basis of accounting. It's standard practice for accrual based accounting. File ITR as per 26AS otherwise your return will be considered as defective.
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