15 April 2014
Dear sir i have received Rs 20000. 00 on a/c interest on bank recuring deposit during the f.y 13-14 pls advise that total interest will be taxable or not ,
15 April 2014
Yes, such interest amount is chargeable to tax under the head income from Other sources. and you have a chance to offer such income either on accrual basis or cash(receipt) basis choice is yours which you feels better benefit to you.
CAclubindia
