Tax rd interest ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2016
When Income Tax liability of interest income on recurring deposits ? It will be Accrued or Received ?
Thanks
Thanks
07 January 2016
It depends upon the method of accounting being followed by the assessee.
.
If the amount is nominal, to avoid practical difficulties, it can be taken on receipt basis.
.
If the amount is nominal, to avoid practical difficulties, it can be taken on receipt basis.
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