Urgent-interest on fd
This query is : Resolved
03 February 2014
Dear All
Is it possible to provide for tax the interest received on FD on it's maturity even though the same is credited prior to maturity periodically?
Is it possible to provide for tax the interest received on FD on it's maturity even though the same is credited prior to maturity periodically?
03 February 2014
No. The interest on FDR has to be taken on accrual basis.
03 February 2014
there is no condition on accounting it as cash or accrual in Income tax act, since it is taxable under chapter Income from other sources.
normally it is preferred to book on accrual basis to avoid high taxation at a later date. But the payer of Interest will tax (TDS) in the year of accrual
normally it is preferred to book on accrual basis to avoid high taxation at a later date. But the payer of Interest will tax (TDS) in the year of accrual
04 February 2014
Once the interest income is credited periodically as stated in the query, it has to be taken on accrual basis.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
Trending Online Classes
CAclubindia
