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of <h1>Schedule 16 of Insolvency and Bankruptcy Rules 2018: Classifying Interest Earned from Various Sources in Annual Accounts</h1> Schedule 16 of the Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018 outlines the classification of interest earned for the current and previous year. It includes interest from term deposits with scheduled and non-scheduled banks, institutions, and others; savings accounts with similar entities; loans to employees or others; and interest on debtors and other receivables. The total interest earned is calculated, and any tax deducted at source must be indicated. This schedule was inserted via a notification dated May 1, 2018.
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