If a trust earned accrued interest on deposits but not received in the bank account. Is that interest taxable for the trust? Since that interest not actually received in the bank trust cannot apply it towards objects of the trust.
Interest income is shown on 26AS.
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Charitable trust accrued interest exemption.
Replies (2)
Accrued interest is not exempted
Then it is taxable for the trust during the year of accrual ? Or taxable when the interest actually received & does not apply towards objects of the trust ?
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