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The fd is not matured but interest is accrued

Alkesh Trivedi (Service) (70 Points)

14 May 2016

The FD is not matured but interest is accrued, is it considered as a taxable for income tax return year 15-16?

For example

Deposit Amount : Rs. 100000=00

Deposit Date : 01/10/15

Meturity Date : 01/10/16

Is required to consider an interest of period 01/10/15 to 31/03/16 as a taxable for income tax return year 15-16?

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5 Replies

Manohar Lal Agarwal (In Practice) (34 Points)
Replied 14 May 2016

Yes, you have to book interest income for the period covered up to 31st march 2016 by debiting interest receivable and treat the same as taxable income.

CA HAYEDAR SHAIKH (Practice ) (622 Points)
Replied 14 May 2016

Yes, you need consider the accrued interest in your income.

It is your taxable income.

S S Dahale ( Agri and business) (439 Points)
Replied 22 May 2016

Yes , that interest componenet as accrued one but not paid has to be considered, while computing your income , accordingly both in advance tax vcalculations and ITR to be accounted

Naseem (Practice) (34 Points)
Replied 22 May 2016

Genearly It is considered as Other Source income, Taxability depends how method of accounting follow (Accural of cash basis accounting) AS per Section 145 but ssubject to section 2