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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)
Quick Summary
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
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