Cash basis/accrual basis

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2012 Dear All,

I wanted to know if I have made a Tax Saving FD (5 years lock in) during the year 2011-12, then should I be showing the accrued interest in my Income tax return for the assessment year 2012-13??

I am an Individual whose source of Income is just Salary and no side business.

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2012 Hello every one
i m MBA finance and doing job in finance sector. But this is not a fine opportunity. i want to study in company secretary.but i am too confused.
this is time killing work and shortage of timing.

please any one help me.

what should i do?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 July 2012 yes. need to show the Accrued interest for every year in your Income as other sources income

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 July 2012 If you want to set your career, you can go ahead for CS,it has very good scope in finance jobs

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CA. Vikash Dwivedi

CA. Vikash Dwivedi (Expert)
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25 July 2012 MBA is shortcut to success.

If you need a degree whihc fetch you longterm benefits you will have to spend time. don't call it 'Killing time'. time spent in professional studies is not killing of time but investing your time for future.
shortage of time is a proverb for those who want to abstain from study.

there are n number of students who are pursuing CA/ CS/ CWA while doing job.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2012 Sir, Thank u so much for your reply. I had a doubt here that there's something like Cash basis and Accrual basis while filing returns.. If I am only a Salaried person and not having any other consultancy business or so on , then would cash basis be applicable in my case wherein I will show the Ineterst amount when my FD is matured??

Request you to pls throw some light on this pls.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 July 2012 For salary case no such cash & non cash basis. but interest need to show as accrual basis in the year of Income itself.