sir,
We prepare final accounts on accrual basis . what is the treatment of opening and closing interest accured on investment at the time of computation of tax.
eg:
opening interest accured on investment amount rs 100000
interest on investment received amount rs 250000
closing interest accured on investment amount rs 50000
what's it treatment . please help.
Menu
Interest accured on investment
Replies (2)
Opening interest accrued must have been included in previous year's assessment, so it will not come in current years assessment.
interest received on investment if RS.150000 and also current years accrued interest will be included as your income and added to total taxable income.
interest received on investment if RS.150000 and also current years accrued interest will be included as your income and added to total taxable income.
For tax purposes it is better to consider interest amount and TDS amount both as per 26AS.
If you calculate accrued part on your own, that may not match with 26AS figures.
In that case notice is certain and finally you will have to fall in line with 26AS only.
Treatment is follow 26AS.
If you calculate accrued part on your own, that may not match with 26AS figures.
In that case notice is certain and finally you will have to fall in line with 26AS only.
Treatment is follow 26AS.
Recent Topics :
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
- FAST DS 2026
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
Related Topics :
CAclubindia
