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Anusha Shetty   05 January 2021

Bank interest

While considering interest on savings account for itr purpose, should the amount credited in the year be considered or accrued basis.


 8 Replies

ayusmita

ayusmita (Tax consultant)     05 January 2021

The amount credited in the year is considered
1 Like
Balamurali Unnithan MS

Balamurali Unnithan MS (STUDENT)     05 January 2021

Cash basis - Income From Other Sources
1 Like
Smit Shah

Smit Shah   05 January 2021

Depends on method you follow merchantile or cash basis
1 Like
Tanvi Sharda

Tanvi Sharda   05 January 2021

Receipt basis
1 Like
Sourav

Sourav (Student)     05 January 2021

Total amount credited in SB account in the financial year should be considered
1 Like
Spurto Consultancy Services

Spurto Consultancy Services (Consultant)     05 January 2021

Take the interest amount on cash basis. 

1 Like
Kapadia Pravin

Kapadia Pravin   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

Krishna Chaudhary (Accountant)     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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