Tax Treatment on Income
This query is : Resolved
14 July 2008
Suppose bank has credited interst twice on 31.03.2008, which was reversed on 01.04.2009. what will be the tax treatment, should i consider the same as income and pay tax
14 July 2008
You have to consider once only and ignore the other as an ousstanding entry of Bank Reconciliation Statement which will be cleared against the reversal entry passed by the bank in the next year. The amount of one entry is the income earned by you and the same will be subjected to tax only. Interest wrongly credited and reversed in the next year is definitely not ur income and as such is ignorable.
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