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Q. > Please Help: income tax
whether interest on cumulative deposits can be shown in returns on receipt basis keeping in view the cicular no. 371 dated 21.11.1983.
1 Answers
answered Mar 03, 2012 by Ketan Samdani , V V Nagar
The cash basis method can be adopted for declaring income from other sources and the same method must be adopted consistently year after year. So interest on cumulative deposits can be declared on receipt basis.
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PANKAJ BANSAL
09-Jan-2012 , 04:55:35 pmWhat is this circular no.371