Interest - Accrual basis / Receipt basis
This query is : Open
10 July 2008
A person has shown ACCRUED interest on NSC under the head " Income from other sources".
Can he show interest earned on Fixed Deposits of banks on RECEIPT basis? Is it necessary for him show interest on FD also on ACCRUAL basis?
The assasee is an individual having income only from Salary and Income from other sources
Can he show interest earned on Fixed Deposits of banks on RECEIPT basis? Is it necessary for him show interest on FD also on ACCRUAL basis?
The assasee is an individual having income only from Salary and Income from other sources
10 July 2008
Yes,
the assessee has to show the interest on FD on accrual basis.
the assessee has to show the interest on FD on accrual basis.
10 July 2008
The easiest way is to ask the bank for an interest certificate which shows total interest earned for the financial year.
10 July 2008
Please let me know whether banks provide certificate FOR INTEREST ACCRUED on Fixed Deposit.
Satish K Sekhar.ACCA
(Expert)
10 July 2008
For an individual recognizing inocme from any sources not necessarily to be on accrual basis. you can recognize interest income on reciept basis provided you are not changing from accrual to reciept according to your convenience. Yes bank will provide certificate for interest accrued.
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