Interest income taxability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 June 2013
I have FD with interest income and that interest is reinvested in that FD. Whether the interest income is to be treated as income in the accrued basis each year or after the maturity of FD as per cash basis ?
If accrural I have not considered it as income in AY 2012-13 Now What to do how much interest to consider as income this year
If accrural I have not considered it as income in AY 2012-13 Now What to do how much interest to consider as income this year
Rupesh Jain
(Expert)
20 June 2013
as per income tax act accural income should be taken
now you take interest on receipts basis
now you take interest on receipts basis
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