Naresh Patel (C.A. Final) (144 Points)
05 August 2011One has purchased the bonds and he will receive the interest(after deducting TDS) thereon on their maturity, which will be after 2 years. Can he offer the income for Tax on accrual basis or he should do it only on maturity, becoze TDS will be deducted only on that time.??
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 05 August 2011
accural basis,
follow the offer documents and bond terms, for proper understanding.
SUNIL GARG
(CHARTERED ACCOUNTANT)
(175 Points)
Replied 05 August 2011
Dear Naresh,
As per Income Tax Act, In case of Other Sources Income and PGBP, the assessee can treat the income on accrual basis or cash basis, whichever he likes. In your case, Since TDS is being deducted yearly, I advise you to pay tax on accural basis and claim TDS side by side.
Vaise yaar aap ho CA Final me, par lag doctor rahe ho.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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