Interest exemption
This query is : Resolved
03 August 2012
Is there any particular provision in income tax through which we can claim interest on FDs accrued in this particular year in return of next financial year ?
03 August 2012
Possible if the assessee follows cash system of accounting.
03 August 2012
If the assesee is an individual, den what wud be the treatment ?
CA PARAS BAFNA
(Expert)
03 August 2012
An individual may also follow cash basis.
.
However, the income has to be considered in the year of accrual, if the Individual is following mercantile system.
.
As such there is no provision in the income tax act till to date as wished by you..
.
However, the income has to be considered in the year of accrual, if the Individual is following mercantile system.
.
As such there is no provision in the income tax act till to date as wished by you..
CA PARAS BAFNA
(Expert)
05 August 2012
It has not been prescribed for ITR-1, as maintaining books of account are not required by law for them to whom ITR1 is applicable.
.
Method of Accounting to be presumed as method of considering income for taxation purpose in such cases (where no accounts are required)
.
.
Method of Accounting to be presumed as method of considering income for taxation purpose in such cases (where no accounts are required)
.
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