If I receive Quaterly Interest from FD for Q4 - FY 2014-15 or or after 1 April 2015 then the income will be show in FY 201415 or FY 2015-16 for filling Income Tax?
2 Replies
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 01 April 2015
When to declare Income from other sources?
Income chargeable under this head shall be computed as per the method of accounting followed by assesses.
There are two methods of accounting namely
- Cash basis : the income is recognized only on its actual receipt and expenses are recognized only on its actual payment
- Mercantile basis: the income is recognized even before its actual receipt and expense is recognized even before its actual payment
There are 2 options to declare the interest:
- At the time of maturity of the Fixed Deposit or
- Every year, on the basis of accrual i.e., interest earned but not yet received
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 01 April 2015
If TDS is deducted on Fixed Deposit then as it will appear in Form 26AS then you MUST to show it in the same year as tax calculation will be based on it.
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