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?
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Income tax on fd
Replies (5)
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.
Yes... I agreed to Mr Dhirajlal Rambhia Sir view...
interest exempt in this year budget amount to ?
Show interest as per cash basis if you want to because as it is intimation u/s 143 will not come even if mismatch in income as per 26as and return
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).
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