25 June 2014
My relative has F.D.s in (A) Banks as well as (B) Corporates . Is it necessary for him to show the Interest earned from these two sources in seperate accounts in his Books of Accounts or can he just credit the interest earned from both to the same account , namely , "FD Interest A/c" ?
In other words , does the I-T Act have any different rules regarding the Taxation aspect of these two types of income or from the taxability point-of-view they are just one & the same ?
CAclubindia
