Interest on FDR made for issuing BG for Project
This query is : Open
26 November 2010
We received Interest on Fixed Deposit made for issuing BG for Earnest Money for A contraction Project. Now there is question whether interest on fixed deposit should be less for project cost ( From Wrok in Progress) or it is treated as income from other sources. What implication under Income Tax.
27 November 2010
My view it cannot be deducted from Project cost, it need to be considered as Income from other sources ( Interest Income)
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