Accrued Interest

1468 views 11 replies

Jayesh

accountant

42 Points Joined February 2010

Dear Sir,

I have received Fixed Deposit statement from my bank stating Interest earned Rs.40000 and Accrued Interest Rs.25000/-

Can I consider my Interest accrued Rs.25000 but not due as my Income. ?

Regards

Jayesh Khatri

Replies (11)

Harpreet

* * * * * *

1670 Points Joined March 2008

As per my knowledge u should show ur accured income in ur income tax return.

Deepesh Khatri

167 Points Joined December 2008

you can consider anything you want, if you are formulating financial statements for your own purpose.. but for statements for specific laws, the provisions have to be borne in mind..

Madhusudan Kabra

knowledge seeker

1779 Points Joined August 2008

If you maitain your books of accounts on accrual basis then you have to consider the same in current year only .....other wise in next year

Regards

Madhusudan Kabra

Guest

Originally posted by : MADHUSUDAN KABRA
	If you maitain your books of accounts on accrual basis then you have to consider the same in current year only .....other wise in next year Regards Madhusudan Kabra

Prateek

B.Com(H) PGDBA CA Final

436 Points Joined July 2009

can any one tell if one has taken a FD oF Rs 5000 on 16/07/2009.... @ 7.05 interest...how do we calculate Accrued Interest on 31/03/2010 ....my bank showing maturity amt Rs5426 maturity date 16/09/2010

Prateek

B.Com(H) PGDBA CA Final

436 Points Joined July 2009

how to compute capital gain

QTY TOTAL BROKERAGE SERVICETAX STT

Purchased RNRL 10 810 4.05 0.4170 1.0125

TOTAL PURCHASE VALUE 815.4795

RPL 10 1240 6.2 0.6390 1.55

TOTAL VALUE 1248.3890

But at the bottom of contract note there are stamp duty Rs 1.1 & other charges 0.41.. HOW do we account for Stamp duty & Other charges...how do we bifurcate...or just ignore them..this is in one contract note

Somshekar (Rankholder)

158 Points Joined September 2009

SOLUTION TO 1 ST QUERY


principal	5000
maturity	5426
total interest	426
int p.a %	7.05
total interest as	8.52
% of principal
tenure of fd( days)	427

INTEREST IS CREDITED ON QUARTERLY BASIS

Column1	days	int per 3 month	accrued interest	total interest
14/10/2009	90	1.738356164	0	1.738356164
12/1/2010	90	1.738356164	0.030218822	3.50693115
12/4/2010	90	1.738356164	0.060962954	5.306250269
11/7/2010	90	1.738356164	0.092241529	7.136847962
16/9/2010	67	1.294109589	0.092358634	8.523316184



INTEREST ACCRUED AS ON 31.03.2010

FD DEPOSITED DAY	16/7/2009
AS ON 31.03.2010	31/3/2010
DAYS	258.00

Column1	days	int per 3 month	accrued interest	total interest
14/10/2009	90	1.738356164	0	1.738356164
12/1/2010	90	1.738356164	0.030218822	3.50693115
12/4/2010	78	1.738356164	0.05283456	5.298121875	INTEREST RATE AS ON 31.03.2010
	258


ACCRUED INTEREST ON 31.03.2010	264.91

Somshekar (Rankholder)

158 Points Joined September 2009

FOR COMPUTATION OF CAPITAL GAIN .SIMILAR SHARE, STOCKS TO BE BOUGHT & SOLD. THERE IS RNRL & RPL SHARE PLEASE CLARIFY THE SAME . OR WHETHER THE SHARE ARE SOLD ON SAME DAY. BIFURCATION OF STAMP DUTY ON BASIS OF PURCHASE VALUE EXCL OTHER CHARGES & DUTY