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Interest exemption

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(Querist)
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 ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
03 August 2012 Possible if the assessee follows cash system of accounting.
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Noida

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Noida (Querist)
03 August 2012 If the assesee is an individual, den what wud be the treatment ?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
03 August 2012 An individual may also follow cash basis.
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However, the income has to be considered in the year of accrual, if the Individual is following mercantile system.
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As such there is no provision in the income tax act till to date as wished by you..
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Noida

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Noida (Querist)
05 August 2012 thanx sir..
Where do we mention the method used in ITR-1 ?
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CA PARAS BAFNA

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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.
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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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Noida

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Noida (Querist)
05 August 2012 ok.. thanx sir
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