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Interest on bond

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2013 Sir,
I have acquired the bond of PFC Ltd for availing the deduction u/s 80CCF in 2011, whether we should take the interest on accrued basis in income tax return.we have opted for cumulative interest i.e. on maturity.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
29 June 2013 You need to take accrued interest only. also 80CCF discontinued from 1.4.12
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CA PAWAN SETHI

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CA PAWAN SETHI (Expert)
29 June 2013 Interest will be taxed on accrual basis every year till maturity
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