Menu
Bank interest
While considering interest on savings account for itr purpose, should the amount credited in the year be considered or accrued basis.
Replies (8)
The amount credited in the year is considered
Cash basis - Income From Other Sources
Depends on method you follow merchantile or cash basis
Receipt basis
Total amount credited in SB account in the financial year should be considered
Take the interest amount on cash basis.
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.
Generally interest is taxable only on receipt basis but FD interest can be taxable on accrual basis to
Recent Threads
- Invoice related audit
- Gst input credit related
- Updated ITR as missed the dead line
- Change if place of business l
- Purchase from unregistered dealer garments busines
- TDS DEDUCTED BUT NOT PAID BY EMPLOYER
- GST RCM GTA
- TDS Challan interst amount wrongly paid as surchar
- Query on TDS & Stamp Duty
- Query on form 26QB and TDS deduction
Related Threads
CAclubindia
