Hello, If the bank issues an interest certificate in my savings bank and FD interest, one column says "Interest Paid" and other column says :Interest Accrued" so which one I have to consider regards Income from Interest for Tax filing purpose, its just the Interest paid or both need to be added?? Please guide
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Accrued interest query
Replies (8)
Accrued interest.
But the bank has done TDS as per Interest Paid Column and just for my info what does Interest paid means?? I guess it means that has been actually paid and accrued means thats due but not paid.
recommended that amount to be show as income on which tax is deducted else if you show accrued interest as your incom now nd when bank deduct tax on accrued interest
recommended that amount to be show as income on which tax is deducted as if you show accrued interest as your income now nd when bank deduct tax on accrued interest then your income either be doubly taxed or else you have to convince your assessing officer to avoid double taxation
Depends on the way u maintain ur books....mostly accrual basis
I dont maintain and books i am not a company or firm, im individual, I got this certificate from bank with these column and Im not sure which one of these 2 incomes is for last financial year to be incluuded in ITR, so confusing.
Accrual basis bro
You have both the option to declare on Income Tax return. But preferred method would be to interest paid column on which TDS is deducted. If TDS is deducted on Fixed Deposit then as TDS will appear in Form 26AS you MUST to show it in the same year as Income Tax Department will be using the TDS in verifying your income tax return.
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