Anil (1638 Points)
10 July 2008A person has shown ACCRUED interest on NSC under the head " Income from other sources".
Can he show interest earned on Fixed Deposits of banks on RECEIPT basis? Is it necessary for him show interest on FD also on ACCRUAL basis?
The assasee is an individual having income only from Salary and Income from other sources
Yuvraj Singh
(Partner)
(47 Points)
Replied 10 July 2008
In case of income from other source on can follow either cash or Accrual basis and not both the methods so if he has shown Interest on NSC on accrued basis then he has to show interest on FD on accrual basis also.
CAclubindia
