Which documents to be checked

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jinesh (Querist)
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26 November 2012 Dear Sir,

I want to know that a person retired from govt service.he got 20 lacs by cheque on his retirement. then after one year he invested all amount into outside construction co.? should i consider passbook for base for filing return of Income? Am i right? and

Construction Co. gives only ledger in which Total Amount with them and Inrest on that Amount?

Should i consider the Interest Amount at the time of Filing return?

pls explain.

Amol S Joglekar

Amol S Joglekar (Expert)
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26 November 2012 Being individual assessee, you can very well opt for the CASH basis. Interest as and when received is offerred for taxation.

jinesh

jinesh (Querist)
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27 November 2012 at the end of march he made an interest entry into the books of accounts. So i have to consider that Amount whatever figure i shown in the Ledger Print out

Op bal: 739000
Interest 88680

Note: 12% interest being paid.

am i right to take this Interest Amount for taxation?

Amol S Joglekar

Amol S Joglekar (Expert)
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28 November 2012 yes, you can show it as INTEREST.

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