Please Help: income tax
Posted Date : 09-Jan-2012 , 03:54:12 pm | Posted By SANJAY RAWAL
whether interest on cumulative deposits can be shown in returns on receipt basis keeping in view the cicular no. 371 dated 21.11.1983.
Category : Income Tax | Answers : 1 | Comments : 1 | Hits : 273
Answers
Answer By: Ketan Samdani
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.
Comments
PANKAJ BANSAL
09-Jan-2012 , 04:55:35 pmWhat is this circular no.371