28 February 2011
an indivisual has earned 100000 and deposit in bank as FDR in the name of his spouse. Now interest from such FDR will be taxable in the hands of indivisual or spouse ?
28 February 2011
1. In case the FDR is of long duration , entire amount of interest will be taxed in a single year. 2. If TDS is deducted on Interest, claim of the refund will be difficult. 3. It depends upon the method of accounting followed by the assessee, also. 4.In the light of above discussion, it is advisable to take accrued interest on yearly basis.
01 March 2011
@ paras sir... u meant o say we shud take accrued interest only upto the end of financial year and for next year we shud take accrued interest for that year only...?
and if assessee take whole accrued interest in 1 year then will it be taxable in the upcoming financial years ?
CAclubindia
