Interest RD
This query is : Resolved
Tarun Kumar Madaan
(Expert)
01 August 2021
The interest income can be offered for tax on an accrual basis or receipt basis, at the discretion of the assessee. If you follow the accrual basis of accounting, the interest income is to be reported at the end of every financial year. If you follow a cash basis of accounting, it has to be reported in the year in which it is received.
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