Interest on fdr
This query is : Resolved
15 July 2014
what is the impact of Interest accrued during the year of fd? fd (including principal and interest) matured during the year and interest amount was not considered during last year's return, Tds also deducted on accrued interest, how should I consider all this in my return of this year?
15 July 2014
it will be taxable as income from other sources.
Ganeshbabu K
(Expert)
15 July 2014
Pass an entry
Dr.TDS Receivable A/c
Cr.Interest IncomeA/c
Show tds deducted on interest and TDS receivable which will be under current assets
.
.
and interest income will be recognized as income in profit and loss statement
Dr.TDS Receivable A/c
Cr.Interest IncomeA/c
Show tds deducted on interest and TDS receivable which will be under current assets
.
.
and interest income will be recognized as income in profit and loss statement
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