Diff Between AIS and 26AS - Accrued Int vs Int Credited

In IT form what amount to take  12477 or  15623??

Rs. 15623/-                                          

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ASSESMENT 143(1) CAME WITHIN  2 MIN - BELIEVE IT OR NOT. 

It comes under income from other sources. And you can account for it on the accrual or receipt basis consistently.

But is it justified to pay tax on interest not credited in that FY. In next Fy the accrued will find its place in the 'credited' and tax will be payable again on the same amount that was paid in preceding FY.

I agree. The interest income is what is actually received and not include what is accrued. In above question, I would consider 12477 as income and not 15623, since you will end up claiming that as income and paying tax on it again in next year.

Sir, are you sure that the income to be shown in ITR should include accrued income? As a tax payer, I have not received that income yet and it will show up as interest income in the quarter when it actually is paid out by the bank to the depositor.

Yes, as per accounting standards, interest received and accrued in a year is considered as income for the year, and the same is reported in TDS returns by bank & financial institutes.

The same will not get reported by Bank in following year/s, when credited to account. So, for the following year/s you need not take it as income again.

I realized the flaw in my understanding. Thank you for clarifying. 

You are welcome ...