I give unsecured loan to a person. And he credit me at the end of year with interest with deducting tds on interest.
now question is..should i show this to me account of same financial year. Payment is not made...
1 Replies
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 16 October 2017
You should show the income in the Financial Year in which TDS was deducted because as per income Tax interest on loan should be booked on accural basis and not on cash basis
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