Interest on fd

This query is : Resolved

Budharaju sriram (Querist)
Follow

23 June 2016 Dear Experts,

The Assessee was Non Resident for the last 20 years(up to A.Y 2015-16). In the last year of being Non Resident, he had accrued income(Interest on FD) from the bank abroad. The interest was credited to his account during the April Month of F.Y 2105-16.The interest income Rs.657579 was for the period 1/11/2014 to 30/04/2015.The Bank has given a certificate stating the interest for the April Month alone(Rs.172717).Can we claim this amount alone as income for the F.Y 2015-16 or the entire interest income received in April Month ???

Rupesh Jain

Rupesh Jain (Expert)
Follow

23 June 2016 interest income will taxable as receipts basis or accural basis.
if you are taking accural basis then you can take only april month income.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.Gopal Rathi

S J MITRA

CA Sunny Sharma

Moby Mogli

Vimlesh kumar

Subscribe Now

Interest on fd

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Accountant

CA Final

GST CONSULTANT

Manager- Finance and Compliance

Article Assistant