13 May 2015
Hi Sir/Madam,I would like to know that I have an FD of Rs.xxxxx and interest on it becomes due in august. I want to file ITR so do I show interest for the period till March or something else?
13 May 2015
it depends. if you offer interest on receipt basis, then you will offer it to tax in the year in which interest was finally credit to your account. however, if you wish to offer it on accrual basis, then calculate interest due till 31 March and include the same in your return
CAclubindia
