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Related to accrued interest
The figure of accrued interest on FD's as per calculation for the purpose of accounts do not get reflected in AS-26. It is apprehended that the amounts not reflected in AS-26 will not be allowed for tax purpose, which amount we have to consider for the purpose of accounting done on mercantile basis, please clarify whether we should follow AS-26 or Accrued interest calculations which is prepared by us?
Replies (2)
As per the mercantile system, accrual basis is required to be considered. Reconciliation statement can be prepared between the income disclosed in the books and 26AS and explained to the assessing officer.
Thank you very much ma'am
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