03 September 2013
Dear Sir we have received Rs 1659057/-with interest of Rs 996097/-for land is used for GOVt project. So our TDS is deducted by GOVT rs 102598/- can we distribute this intrest yearwise as it is accrued interest of 10 years pl guide me
03 September 2013
You have to take the interest on Receipt basis. . However you can claim deduction of 50% of the amount of interest received . Refer Section 57(iv) .
CAclubindia
