Advance Income received as interest income on bills discounting is subjected to taxation on accrual basis: Madras HC grants relief to Karur Vysya Bank [Read Judgment]

The Madras High Court quashed the ITAT order wherein it was held that the income received in advance in the nature of interest income on discounting of bills against the letter of credit is to be subjected to taxation on a receipt basis and not on an accrual basis. The assessee, which is a bank, […]

from Taxscan | Simplifying Tax Laws https://ift.tt/2GOOIh2