Acrrued interest - taxability

167 views 3 replies

Dear Learned friends kindly clarify me the following. Suppose I received bank FD interest 3 lacs out which 2 lacs is actually paid and 1 lac is accrued. (TDS deducted on 2 lacs for this FY) I am reporting my total income as 3 lacs on a/c of other sources and filed ITR. How to account for the next year the 1 lac as income then i might be double taxed as it would be added in total income and also  TDS might deducted 10% as per bank

thanks

GR Babu

Replies (3)

Dear babugr , 

If u are following Cash system of accounting for incomes , you can definately show income of intrest on FD in the year of receipt ,further credit of tax can be availed in next year.

if u wanna more clarification read section 145(1) of the ACT.

regards

Thanks for your quick response, I wish to clarify I am an individual having income from pension and bank FD interest. hope I made myself clear.

 

if u are having only such type of income, definately it would be better for u to follow Cash system of accounting instead accrual basis. 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details