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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Taxpayer Can Deduct Accrued Interest From Capital Gains Under ICDS IV on Revenue Recognition.</h1> The taxpayer sold a security on April 30, 2017, with interest payment dates in December and June. Although the interest was received on June 30, 2017, it was accounted for on an accrual basis as income on March 31, 2017. The taxpayer can claim a deduction for this interest, which was taxed but not received, when calculating capital gains. According to the Income Computation and Disclosure Standards (ICDS IV) on Revenue Recognition, the interest already taxed should be considered in the income computation from the sale.
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