Important itr
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 October 2013
Where fixed deposits with a bank has to be reported in the income tax return??whether it will be under cash & Bank balances or will it be under investment??
suppose one fd has been taken for 1.5 years and another fd is taken for 5 years??
suppose one fd has been taken for 1.5 years and another fd is taken for 5 years??
05 October 2013
According the the New Schedule VI of the companies act 1956, Deposits with the bank shall be disclose under Cash & cash Equivalents so it shall be disclose under "Bank Balance" But deposits maturing more than 12 months as on the date of balance sheet be disclose separately.(Has to give separate identification under bank balances).
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
05 October 2013
So if you are the corporate assessee then must and should be follow the above provision. In case of you are other assessee then you opt for above provision and at the ITR form there is no special identification for this so you can disclose it under Bank balance if you opted for this provision or you can consider it as Investment.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 October 2013
what in the case of individual or partnership firms??where to show??
05 October 2013
In such case choice is yours either as investment or bank balance.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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