sir,
We prepare final accounts on accrual basis . what is the treatment of opening and closing interest accured on investment at the time of computation of tax.
eg:
opening interest accured on investment amount rs 100000
interest on investment received amount rs 250000
closing interest accured on investment amount rs 50000
what's it treatment . please help.
Opening interest accrued must have been included in previous year's assessment, so it will not come in current years assessment.
interest received on investment if RS.150000 and also current years accrued interest will be included as your income and added to total taxable income.
CAclubindia
