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Querist : Anonymous (Querist)
17 February 2011 if we recieve some advance against the works to be executed from the person whose works to be executed in construction contracts ,and we keep in bank then how to treat the interest recieved? 2)if we keep the amount as FD then how to treat
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
18 February 2011 Interest need to be treat as other incomes. and advance can be shown as loans & advances received
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