interest on fixed deposit
This query is : Resolved
seema wadhwa
(Querist)
21 June 2011
interest on fd was accrued on 31 march 2011 but bank will give interest on maturity july 2011 whether it would be taxable on receipt basis or accrual basis and can fdr interest be taxable on receipt basis
CA MANOJ GUPTA
(Expert)
21 June 2011
IT DEPENDS UPON THE MANNER IN WHICH BOOKS ARE MAINTAINED
IF ON MERCANTILE THEN INTT TAXABLE ON ACCRUAL BASIS'
IF CASH THEN INTT TAXABLE ON RECEIPT BASIS
CA MANOJ GUPTA
JODHPUR
09828510543
IF ON MERCANTILE THEN INTT TAXABLE ON ACCRUAL BASIS'
IF CASH THEN INTT TAXABLE ON RECEIPT BASIS
CA MANOJ GUPTA
JODHPUR
09828510543
seema wadhwa
(Querist)
21 June 2011
I AM ASKING ABOUT RETIRED GOVERNMENT EMPLOYEE
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