Accrued Income
This query is : Resolved
20 August 2010
Suppose FD is for Rs.1lac @10% p.a. for 3 years. we declare the accrued interest on a yearly basis in the return of income. Please explain in detail how we can show the TDS.
For eg.
FD 100,000/- @10% * 3years
total interest 30,000/- for 3 years
TDS = 3,000/- (@10%)
If TDS cert. be issued at the end of 3 years, then how to show the income in COI on an accrual basis?
For eg.
FD 100,000/- @10% * 3years
total interest 30,000/- for 3 years
TDS = 3,000/- (@10%)
If TDS cert. be issued at the end of 3 years, then how to show the income in COI on an accrual basis?
20 August 2010
If FD interest is accured by the bank in the last year only then show income in last year only without accruing interest in previous years.
The answer given before was based on that interest is accrued by bank every year.
The answer given before was based on that interest is accrued by bank every year.
20 August 2010
In my opinion, if you show 30000/- income as well as TDS of 3000/- in the 3rd year, its a correct position.
But, as you said that you are showing interest earned on accrual basis, then in this situation, I think, if you take TDS of 3000/- in third year, it should be fine. The reason for this thought is that you have added 10000/- income in the last 2 years without getting any TDS benefit so in the 3rd year you can show interest as Rs. 10000/- & TDS as Rs. 3000/-
But, I am keeping this query open for inviting views of other experts too.
But, as you said that you are showing interest earned on accrual basis, then in this situation, I think, if you take TDS of 3000/- in third year, it should be fine. The reason for this thought is that you have added 10000/- income in the last 2 years without getting any TDS benefit so in the 3rd year you can show interest as Rs. 10000/- & TDS as Rs. 3000/-
But, I am keeping this query open for inviting views of other experts too.
20 August 2010
.
20 August 2010
My answer still would be book interest as per accrued certificate from bank.
21 August 2010
Hi Subhash, Aditya
How will the answer differ if the interest is from a co. and not bank?
How will the answer differ if the interest is from a co. and not bank?
21 August 2010
Hi Subhash, Aditya
How will the answer differ if the interest is from a co. and not bank?
How will the answer differ if the interest is from a co. and not bank?
21 August 2010
Ask for loan confirmation and TDS will be deducted yearly if interest exceeds Rs. 5000/-. So TDS certificate will also be issued yearly. If not then show income in year in which TDS deducted.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query Regarding on TDS section 194H and 194J
- NR GST NUMBER
- Fixed Deposit Claim Relinquishment by the Nominee
- ITR 6 Schedule CFL and UD Issues
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- FREELANCING ACCOUNTANT
- Not a CA , can we prepare balance sheet
- For REQUIRE INDIVIDUAL GST
- GST Department hearing
- TDS RATE ON RENT PAID TO NRI
- Query reg: Accounting standard, Indian Accounting Standard, IFRS, GAAP, Cost Audit, Frontend audit
- GST Refund SB005 Error
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
