accrued interest on bank FD

This query is : Resolved

Ajit (Querist)
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13 July 2008 I have FDs in two separate banks. I want to ask whether I can show the FD interest on receipt basis instead of accrual basis.

If yes, can I show on receipt basis for one bank and on accrual basis in case of other bank.

thanks & regards

Ajit Jain

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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13 July 2008 YOU CAN DECLARE YOUR INCOME FROM OTHER SOURCES ON RECEIPT OR ACCRUAL METHOD..........AND NOT MIXED.
IF YOU CHANGING THE METHOD THIS YEAR , IT MUST BE CONSISTENTLY FOLLOWED AND YOU MUST HAVE REASONS FOR CHANGE

Ajit

Ajit (Querist)
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15 July 2008 When interest income is shown on receipt basis, how to show the TDS data related to the Form 16 which would show the TDS on accrual basis.

Can we claim the coresponding figure of TDS corresponding to the interest income shown on the basis of actual receipt. In such a case, can we show the balance TDS (corersponding to the interest on accrual basis) in the next year ?

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