This discussion clarifies when to declare bank interest income for tax purposes. If you received interest on 1 April 2025, but it was earned up to 31 March 2025, you should declare this income for the financial year 2024-25, not the year it was physically received.
08 June 2025
I am an Individual tax payer. I had received interest from my bank account on 1 April 2025, However the interest was till 31 March 2025. Should I consider this income for FY 24-25 or FY 25-26?