foriegn bank a/c interest
This query is : Resolved
19 May 2008
how to incorporate bank interest earned from foreign bank a/c which is not shown in the books
S.Srinivasaraghavan
(Expert)
20 May 2008
Your question is not clear. How the interest will not appear in books? Are you saying that it is retained in the foreign bank itself?
20 May 2008
the question is
how to incorporate bank interest earned from foreign bank a/c. the foreign bank a/c is not shown in the book. Also, the interest is retained in the foreign bank itself?
how to incorporate bank interest earned from foreign bank a/c. the foreign bank a/c is not shown in the book. Also, the interest is retained in the foreign bank itself?
CA. Vineet Grover
(Expert)
20 May 2008
Hi Mateen,
As per the wordings, it appears that its an undisclosed account to the income tax department.
You may land into deep trouble for such a consequence.
YOu are advised to disclose the account details with the interest in your books of account.
Rgds/
Vineet
As per the wordings, it appears that its an undisclosed account to the income tax department.
You may land into deep trouble for such a consequence.
YOu are advised to disclose the account details with the interest in your books of account.
Rgds/
Vineet
20 May 2008
hi vineet
we are looking the same as to how should we disclose the same in this years i.e AY 2008-09 return and that's my query pls let me know
thank u
we are looking the same as to how should we disclose the same in this years i.e AY 2008-09 return and that's my query pls let me know
thank u
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