Hi Friends,
I have confusion on how to show FDR interest on Income tax return
is this compulsary to show on accured basis or we can show on receipt basis
please give me guide lines for this matter
thanks
CS BHAVIK HARSHAD SHAH (Company Secretary) (1662 Points)
06 July 2011Hi Friends,
I have confusion on how to show FDR interest on Income tax return
is this compulsary to show on accured basis or we can show on receipt basis
please give me guide lines for this matter
thanks
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 06 July 2011
you will have to show the interest on bank accounts on accrual basis
CS BHAVIK HARSHAD SHAH
(Company Secretary)
(1662 Points)
Replied 06 July 2011
In bank they show only in receipt basis so what should i do
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 06 July 2011
you can get the certificate from bank that how much interest is accrued during the year . on that basis you can file the return
CS BHAVIK HARSHAD SHAH
(Company Secretary)
(1662 Points)
Replied 06 July 2011
so i have to compulsary show to accured interest
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 06 July 2011
yes it is the procedures which should be followed
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 06 July 2011
another thing if there is tds deducted on fdr interest and you don't file the interest as your income on accrual basis than there could be a notice for mismatch. rectify me if i am wrong
NIKITA
(CA )
(302 Points)
Replied 06 July 2011
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