Accrued Interest from Interest Certificate
ashu gupta (accountant) (56 Points)
21 April 2021Just want to know, how to book interest income/accrued interest from interest certificate.
ashu gupta (accountant) (56 Points)
21 April 2021
prasad Nilugal
(3914 Points)
Replied 21 April 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 21 April 2021
prasad Nilugal
(3914 Points)
Replied 22 April 2021
In continuation to my above entries , When you received accrued interest in you account and TDS applicable then entry will be
Bank A./c Dr
TDS on interest A/c Dr
To Accrued Interest A/c Cr
( Being accrued Interest received after TDS deduction )
NaviN
(Consultant)
(120 Points)
Replied 23 June 2022
What does this mean? Do I have to declare the sum of interest received and the accrued interest when filing my tax teturns? My SBI interest certificate FY2021-22 shows separate columns for interest and accrued interest. Why do we need to consider accrued interest if it has not yet been credited to the account?
NaviN
(Consultant)
(120 Points)
Replied 27 July 2022
I found the reason for this consideration of accrued interest, is when we use the mercantile method of accounting.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)