Classification of fdr's with banks & accured interest
This query is : Resolved
15 October 2015
One of my client being an Individual engaged as Service provider.For preparation of Balance Sheet, he is having FDR Balances with Scheduled/Nationalized Banks along with Accrued Interest thereon. Certain FDR is less than or equal to 12 months while some are for a period more than 12 months i.e. for term of 5 years.
Now question arises where these FDR Balances to be shown in ITR-4 excel file as well as Accrued Interest thereon as on year end i.e. whether the same is to be shown as Bank Balances & other Current Assets so far FDR Balances with banks & Accrued Interest on FDR respectively is concerned or some other suitable disclosure is needed from the accounting as well as Income tax point of view.
Please reply at the earliest.
Now question arises where these FDR Balances to be shown in ITR-4 excel file as well as Accrued Interest thereon as on year end i.e. whether the same is to be shown as Bank Balances & other Current Assets so far FDR Balances with banks & Accrued Interest on FDR respectively is concerned or some other suitable disclosure is needed from the accounting as well as Income tax point of view.
Please reply at the earliest.
15 October 2015
Show it under deposits and loans. Both fixed deposit & accrued interest there on.
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