20 June 2014
A Board of state Government receive Rs.100 Crore grant from State Government for public facility for the F Y 2013 - 14.I put up entry in Capital A/c.During the year used Rs.30 crore and remains balance Rs 70 investment for 91 Days in Bank..during F Y year I received Rs 10 crore interest on Rs 70 crore.Nw Total Balane Amount is 100 - 30 + 10 = 80 ll be use in F Y 2014-15
My Question is Receive interest Rs 10 crore Taxable ya Not Taxable ?
CAclubindia
