Whether Accrued Interest on savings bank accounts is to be accounted at 31st mar, in books of account?
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Accrued interest
Replies (4)
Yes it should be accounted on accrual basis.
Agree wid siddharth. Definitely it should be accounted for...
The Interest on savings bank account accrued as on 31st march is to be included in books of accounts.
I do not Agree with comments given by others. Companies do not have savings accounts and hence no question of interest on saving account. Further, if this income accrues to an Individual, he may treat the same on receipt basis. i.e. He need not provide for accrued income of interest on books. Choice is with the Individual...
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