Income from other sources - bank interest

This query is : Resolved

Mr. AB (Querist)
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02 May 2011 Dear experts,

I would like to know in which Financial Year the following transaction falls:

In the bank statement I have this:

Date: 1 April 2011,
Description: Credit Interest
Value Date: 31 March 2011
Deposit Amount: xxxx.xx

Should I count the above deposit for the FY 2010-2011 or FY 2011-2012 ?

Thank you.

CA SAURABH GARG

CA SAURABH GARG (Expert)
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02 May 2011 You have to book this amount in FY 2010-11

More over even if bank have not credit this amount in your account you have to take this income in FY 2010-11 as accrued income.

Go for matching concept.

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Mr. AB

Mr. AB (Querist)
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02 May 2011 Thank you very much!

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CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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03 May 2011 YOU CAN SHOW IT IN FY 2010-11 IF INTEREST IS ACCOUNTED CASH BASIS OTHERWISE IT SHOULD BE IN FY 2011-12 IF INTEREST IS ACCOUNTED ACCRUAL BASIS.