Deemed to be received

This query is : Resolved

Nageshwara Rao Ayalasomayajula (Querist)
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22 August 2021 Sir,

I have deposited 3 lakhs in a co op bank for 1 year from 18-8-20 to 17-8-21. In 26 AS the co op bank has shown interest from 17-08-20 to 31-3-21 as paid to me in 26 AS. I was made to account the amount as received in the returns for assessment year 21-22 though I had received the amount on 17-8-21 along the principle on maturity. Please advice me what to do and is it standard practice to show the amount as paid with out paying.

Nageswara rao

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 August 2021 It's accrual basis of accounting. It's standard practice for accrual based accounting. File ITR as per 26AS otherwise your return will be considered as defective.