Accrual taxation of cumulative deposit interest requires annual reporting and disclosure by depositors to tax authorities. Interest on cumulative deposit schemes of Government undertakings is taxable in the year in which it accrues; such interest must be treated as annual income rather than being taxed only on receipt. Government undertakings are required to inform depositors of the accrued interest amounts to enable disclosure in their income-tax returns.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Accrual taxation of cumulative deposit interest requires annual reporting and disclosure by depositors to tax authorities.
Interest on cumulative deposit schemes of Government undertakings is taxable in the year in which it accrues; such interest must be treated as annual income rather than being taxed only on receipt. Government undertakings are required to inform depositors of the accrued interest amounts to enable disclosure in their income-tax returns.
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