Interest income before commencement of business
This query is : Resolved
24 May 2011
X Ltd incorporated on 01/01/2010, and not commenced its business so far, Plant and Machinery is under Construction, It received Interest income on Fixed Deposit:-
Will the Interest be Taxable Under IT Act?
Can it Shown As Capital Reserve Under Reserves and Surplus?
Should prepare Profit and Loss Account?
Will the Interest be Taxable Under IT Act?
Can it Shown As Capital Reserve Under Reserves and Surplus?
Should prepare Profit and Loss Account?
24 May 2011
interest so earned is taxable
07 June 2011
Accounting Standard 10 and IT act is two different thing..under IT act it is taxable
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