tax treatment of iinss-bond
Deepak Sharma (49 Points)
25 July 2018
how and when I have to show the interest of inflation indexed national saving scheme - cumulative bond.?
7 Replies
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 25 July 2018
Every year on accrual basis you have to show interest and when actually received that account will be nullified.
Deepak Sharma
(49 Points)
Replied 25 July 2018
but ma'em if assessee has forgotten to show the amount of hinsa -c bond in last ay return. what should he have to do
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 25 July 2018
Show it now as prior period item and rest of current year
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 25 July 2018
Show it in current year and the part which pertains to previous year show it as previous year prior period item rest of current year show it as normal receivable
Deepak Sharma
(49 Points)
Replied 26 July 2018
in itr there is no separate column for previous or current year
then how I treat as you advised me
then how I treat as you advised me
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 26 July 2018
If you are not under Audit clause then no need to show prior period item separately
Just show in your books and in ITR show it together
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