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Interest accrual

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2017 Dear Tax Experts

What is the Meaning of Interest accrual in Bank Interest?

Interest Accrual is taxable interest or not?
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Amol S Joglekar

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Amol S Joglekar (Expert)
06 July 2017 let us assume interest is payable on 31/12 and 30/06
whereas books are closed and prepared on 31/03
so for the period from 31/12 to 31/3, we need to calculate the interest from 31/12 to 30/3...this will be treated as interest accrued.
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Querist : Anonymous

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Querist : Anonymous (Querist)
07 July 2017 Is this taxable interest?
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 July 2017 choice is with you....either you can offer it for taxation on receipt basis or accrual basis.
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