Important itr

Save Share

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??

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

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

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

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

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2013 what in the case of individual or partnership firms??where to show??

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

05 October 2013 In such case choice is yours either as investment or bank balance.

OM SAI SRI SAI JAI JAI SAI

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now