Treatment of fd interest

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student ca final
58 Points Posted on 21 June 2012

 

What is the treatment of interest on FD While Making BAL Sht under provision of Sec 44 AB???
Case 1. When FD mature in Current Year.
Case 2. When FD mature in any Next Year.
 
IS propotionate Interest is required to calculate.
or full amount of interest will be treated as income in year of maturity??
 
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On 21 June 2012 at 18:59 Report
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41 Points Posted on 21 June 2012

Interest accrued till the date of B/S but not due will be considered as income for that F.Y. & charged to tax accordingly.

Assesses following cash sytem need to show interest income fully in the year of maturity.

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On 21 June 2012 at 19:34
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STUDENT
20 Points Posted on 22 June 2012

What giridhar Said is absolutely correct.......

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On 22 June 2012 at 13:07

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