Bank interest

ayusmita

Tax consultant

5895 Points Posted on 05 January 2021

The amount credited in the year is considered

Balamurali Unnithan MS

STUDENT

1631 Points Posted on 05 January 2021

Cash basis - Income From Other Sources

Smit Shah

524 Points Posted on 05 January 2021

Depends on method you follow merchantile or cash basis

Tanvi Sharda

51 Points Posted on 05 January 2021

Receipt basis

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 05 January 2021

Total amount credited in SB account in the financial year should be considered

Spurto Consultancy Services

Consultant

1891 Points Posted on 05 January 2021

Take the interest amount on cash basis.

Kapadia Pravin

17264 Points Posted on 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

4533 Points Posted on 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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Anusha Shetty

ayusmita

Balamurali Unnithan MS

Smit Shah

Tanvi Sharda

CA. Sourav Sarkar

Spurto Consultancy Services

Kapadia Pravin

Krishna Chaudhary

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