Change in method of accounting
This query is : Resolved
06 February 2016
Status- Individual
the tax payer is an individual and has only income say income from interest from bank fixed deposits in 2014-15-31.3.2015.
all these years,have shown accrued interest as income in her return of income
Now -
intends to change from this accrual method to cash basis so that actual interest received only will be taken in to account as income from other sources.
if changes to cash basis, whether this case has been taken for scrutiny case
another point, how to carry over TDS to next financial year
how to make TDS entry in ITR
please suggest your views
the tax payer is an individual and has only income say income from interest from bank fixed deposits in 2014-15-31.3.2015.
all these years,have shown accrued interest as income in her return of income
Now -
intends to change from this accrual method to cash basis so that actual interest received only will be taken in to account as income from other sources.
if changes to cash basis, whether this case has been taken for scrutiny case
another point, how to carry over TDS to next financial year
how to make TDS entry in ITR
please suggest your views
07 February 2016
you cannot shift to cash basis now as tax standard require income from other sources to be accounted for on accrual basis.
07 February 2016
THANKS sir for your reply to us
since the tax payer is NON resident, appointed one retainer on salary basis to take care of her banking operations say renewal of fd etc , can this salary expenditure to be claimed against this interest from fd
since the tax payer is NON resident, appointed one retainer on salary basis to take care of her banking operations say renewal of fd etc , can this salary expenditure to be claimed against this interest from fd
07 February 2016
Sir, further to this, tax standard will apply from asst year 2016-17, kindly confirm
08 February 2016
ideally no. you should not be claiming such expenditure. but no harm in making a claim!
08 February 2016
yes it is applicable from AY 2016-17......
08 February 2016
thanks for your reply sir
expenses again bank interest -only for management fees, advising about investments,which bank offers more interest rate etc
expenses again bank interest -only for management fees, advising about investments,which bank offers more interest rate etc
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