Interest on fd
This query is : Resolved
Budharaju sriram
(Querist)
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 ???
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
(Expert)
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.
if you are taking accural basis then you can take only april month income.
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