If Bank FD created in February 2019 prematurely liquidated on April 1st 2019 then should interest earned be shown in income tax return of FINANCIAL YEAR 2018-19 or 2019-20?
If Bank FD created in February 2019 prematurely liquidated on April 1st 2019 then should interest earned be shown in income tax return of FINANCIAL YEAR 2018-19 or 2019-20?
Generally ST FDs can be declared on maturity basis, but the bank will deduct TDS in FY 2018-19, if interest exceed 10K (not if SCZ). In that case better to declare accrued interest in FY 2018-19.
Assessee can maintain books as per his choice, but its better to maintain as per mercantile system as its mandated by ITD for most of the organizations. It reduces the mismatch and hence notice u/s. 143(1)(a).
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
