Bank interest
Anusha Shetty (3 Points)
05 January 2021
While considering interest on savings account for itr purpose, should the amount credited in the year be considered or accrued basis.
8 Replies
ayusmita
(Tax consultant)
(5885 Points)
Replied 05 January 2021
The amount credited in the year is considered
Balamurali Unnithan MS
(STUDENT)
(1631 Points)
Replied 05 January 2021
Cash basis - Income From Other Sources
Smit Shah
(524 Points)
Replied 05 January 2021
Depends on method you follow merchantile or cash basis
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 05 January 2021
Total amount credited in SB account in the financial year should be considered
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 05 January 2021
Take the interest amount on cash basis.
Kapadia Pravin
(17264 Points)
Replied 07 January 2021
There may be ovelapping of months during year. it's at quarterly interval. But custom practice is to consider whatever is falling as credited during the financial year.
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 08 January 2021
Generally interest is taxable only on receipt basis but FD interest can be taxable on accrual basis to
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