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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
