Interest on saving account and FD.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2011
For personal income tax computation,
1)interst on savings account if credited by bank on 1st April 2011. Should it be consiered as income for FY 10-11 or FY 11-12?
2)Interst on FD account if credited by bank on 1st April 2011. Should it be consiered as income for FY 10-11 or FY 11-12?
1)interst on savings account if credited by bank on 1st April 2011. Should it be consiered as income for FY 10-11 or FY 11-12?
2)Interst on FD account if credited by bank on 1st April 2011. Should it be consiered as income for FY 10-11 or FY 11-12?
10 February 2011
In case of other sources due or receipt basis has to be consistently followed just like PGBP.
Due basis - FY 10-11 in both cases
Receipt basis - FY 11-12 in both cases
Due basis - FY 10-11 in both cases
Receipt basis - FY 11-12 in both cases
10 February 2011
Income under the head "other sources' can be offered either under cash basis or accrual basis on a consistent basis.In view of that, u may offer the income as per the method of accounting adopted by u.
Guest
Guest
(Expert)
10 February 2011
Agtree with Mr. Warrier.
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