Raj (ac) (155 Points)
04 July 2012Hi All,
My fixed deposit started in financial year 2011-12 (say May 2011), the interest cheque that i have received for the deposit was received at (Mar 2012 end).
Now I have deposited that late in the month of April 2012. Will I need to show this interest while filing my returns for 2011-12 or I shall take this in next year?
Thanks in advance.
Regards
CA.Varalakshmi.M
(Manager-Finance)
(482 Points)
Replied 04 July 2012
As it is the income of the year 2011-12 ,show interest as income in the Financial year 2011-12 itself
Raj
(ac)
(155 Points)
Replied 04 July 2012
| Originally posted by : M.Varalakshmi | ||
 |
As it is the income of the year 2011-12 ,show interest as income in the Financial year 2011-12 itself |
 |
Thanks Varalakshmi. I a just afraid that I dont take this item again in my next year returns. Is there any way I can avoid that while preparing my accounts.?
CA.Varalakshmi.M
(Manager-Finance)
(482 Points)
Replied 05 July 2012
If you are following accrual basis of accounting,show fixed deposit interest as income in the Financial year 2011-12 itself both in the accounts and while filing of returns.
So further in the f/y 2012-13 it wont be income again as you have shown it as income in the F/y 2011-12 accounts.
Am I clear?
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