Interest income reporting: categorise and disclose interest sources in annual accounts, with tax deducted at source noted. Schedule XVI requires interest earned to be itemised by source - term deposits (scheduled banks, non-scheduled banks, institutions, others), savings ... Summary
Interest income reporting: categorise and disclose interest sources in annual accounts, with tax deducted at source noted.
Schedule XVI requires interest earned to be itemised by source - term deposits (scheduled banks, non-scheduled banks, institutions, others), savings accounts (scheduled banks, non-scheduled banks, post office savings, others), loans (employees/staff, others) and interest on debtors and other receivables - with a total and a note specifying tax deducted at source.
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