I had a 2 Years Cumulative Term Deposit during Previous Financial Year (21-22) which gets matured on Next Year. But I applied for Premature Closure and the Bank also applied Closure Penalty (Interest Rate for the holding period Less 1 % Penal Interest and paid the balance along with the Principal. (Premature Closoure on 15th May 22)
1. My Total Interest Received from the Bank on Pre Closure is more than the Interest Accrued during previous Financial Year (21-22) (Interest Accrued but not paid FY - 21-22 - Rs.35000/-. Whereas total Interest received on premature closure 15th May 22 - Rs.25000 only.
Query 1: How much should I declare as Income for FY 21-22, when my 26AS reflect Rs.35000/- as Income ?
Query 2: How much is my Income for the FY 22-23 ?
Please help to resolve this issue. Thanks in advance.
CAclubindia
