SHIRISH S S (Proprietor) (1030 Points)
25 November 2021My wife is filing ITR-1.
Bank FD Int:- Int Credited is 12477 and accrued int is 3146
In 26AS the int is NOT shown. In AIS it is given 15623
In IT form what amount to put 12477 or 3146. ??
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 25 November 2021
In IT form what amount to take 12477 or 15623??
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 25 November 2021
THANKS. RETURN UPLOADED AND VERIFIED BY AADHAR.
ASSESMENT 143(1) CAME WITHIN 2 MIN - BELIEVE IT OR NOT.
Manish
(CA)
(1174 Points)
Replied 25 November 2021
It comes under income from other sources. And you can account for it on the accrual or receipt basis consistently.
sabyasachi mukherjee
(27579 Points)
Replied 25 November 2021
CHANDER KANT AZAD
(PROPRIETOR)
(48 Points)
Replied 17 January 2022
But is it justified to pay tax on interest not credited in that FY. In next Fy the accrued will find its place in the 'credited' and tax will be payable again on the same amount that was paid in preceding FY.
nikog
(Consultant)
(28 Points)
Replied 28 November 2022
I agree. The interest income is what is actually received and not include what is accrued. In above question, I would consider 12477 as income and not 15623, since you will end up claiming that as income and paying tax on it again in next year.
nikog
(Consultant)
(28 Points)
Replied 28 November 2022
Sir, are you sure that the income to be shown in ITR should include accrued income? As a tax payer, I have not received that income yet and it will show up as interest income in the quarter when it actually is paid out by the bank to the depositor.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 28 November 2022
Yes, as per accounting standards, interest received and accrued in a year is considered as income for the year, and the same is reported in TDS returns by bank & financial institutes.
The same will not get reported by Bank in following year/s, when credited to account. So, for the following year/s you need not take it as income again.
nikog
(Consultant)
(28 Points)
Replied 28 November 2022
I realized the flaw in my understanding. Thank you for clarifying.
CAclubindia
