Tax Treatment on Income
This query is : Resolved
14 July 2008
Suppose bank has credited interst twice on 31.03.2008, which was reversed on 01.04.2009. what will be the tax treatment, should i consider the same as income and pay tax
14 July 2008
You have to consider once only and ignore the other as an ousstanding entry of Bank Reconciliation Statement which will be cleared against the reversal entry passed by the bank in the next year. The amount of one entry is the income earned by you and the same will be subjected to tax only. Interest wrongly credited and reversed in the next year is definitely not ur income and as such is ignorable.
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
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Management System (IMS)
- Experts need help
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Eway bill generation from place other than registeted
- EPF FULL & FINAL RULES IN 2026
- FTS Taxable under 115A
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
