Tax on Interest on Public deposit and Interest on debentures

This query is : Resolved

Abhishek (Querist)
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15 July 2010 Can any one tell.. me wethre the interest should be added to the Income U/s 56, even though the interest is not received by the assessee. Form 16A has been sent to the assessee by the company, but there has been no credit in the bank

srinath

srinath (Expert)
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15 July 2010 there are two methods of accounting for Income from other sources
Mercantile and cash system.

If the assessee follows Cash system he need not disclose.

he need to satisfy the AO when he claims the TDS credit in the later period saying that the TDS was not taken in those years.