https://www.taxtmi.com/forum/issue?id=4268 Interest on debentures must be accounted for on the mercantile basis and accrued in the period to which it relates. The accrued interest should be shown as interest receivable in the earlier financial year and included in that year's taxable income; the subsequent cash receipt serves to extinguish the receivable rather than create fresh income in the year of receipt. en-us Mon, 18 Jun 2012 17:21:16 +0530 Thu, 23 Jan 2025 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=4268 Interest on debentures must be accounted for on the mercantile basis and accrued in the period to which it relates. The accrued interest should be shown as interest receivable in the earlier financial year and included in that year's taxable income; the subsequent cash receipt serves to extinguish the receivable rather than create fresh income in the year of receipt. Discussion-Forum Income Tax Mon, 18 Jun 2012 17:21:16 +0530 https://www.taxtmi.com/forum/issue?id=4268