Tax on interest on NCD
This query is : Resolved
Sunayana Vadhyar
(Querist)
03 August 2010
I have invested in nonconvertible debentures.It is in dematerialised form. Cumulative Interest is paid on the same. So nterest is not paid annually. It is paid at the end of the term.So is it necessary to pay tax on the accrued interest. Since it is in demateriallised form TDS is not deducted.
Thanks in advance. Pls inform me ASAP.
Thanks in advance. Pls inform me ASAP.
Aditya Maheshwari
(Expert)
03 August 2010
Since income has been accrued follow the normal principle which u follow in ordinary course i. e. mercantile accounting and offer for tax the income in which the same accrues.
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