Section 54ec
This query is : Resolved
04 August 2015
Dear Friends / Experts,
Please guide me on the following, IF POSSIBLE:
Assessee has purchased REC Bond 6% p.a. (Benefits under Section 54EC) for Rs.50 Lacs on 1st July, 2014.
Query
While preparing Computation of Income, should we mandatorily consider Accrued Interest Income for the period from 01/07/14 to 31/03/15 or we may simply ignore the Accrued Interest Income and compute only on receipt / cash basis.
Please advise the appropriate manner to follow.
Your reply, please..............
Thanks in advance for possible replies from all concerned.
Please guide me on the following, IF POSSIBLE:
Assessee has purchased REC Bond 6% p.a. (Benefits under Section 54EC) for Rs.50 Lacs on 1st July, 2014.
Query
While preparing Computation of Income, should we mandatorily consider Accrued Interest Income for the period from 01/07/14 to 31/03/15 or we may simply ignore the Accrued Interest Income and compute only on receipt / cash basis.
Please advise the appropriate manner to follow.
Your reply, please..............
Thanks in advance for possible replies from all concerned.
05 August 2015
Int income is income from other sources and as per sec 145 assessee has option to either keep books of accounts on recipet or accrual basis so for income from other sources u can follow reciept basis.
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