Sec 25 company
This query is : Resolved
Dhaivat Trivedi
(Querist)
27 April 2012
1. a SEC 25 COMPANY STATUS WOULD BE AOP/PRIVATE LIMITED COMPANY/ AOP(TRUST) ??
2. COMPANY HAS INVESTED THE GOVERNMENT GRANT RECEIVED IN BANK FD AND RECEIVED INTEREST.
(AS PER GRANT RULES, COMPANY WILL GET GRANT LESS BY INTEREST RECEIVED ON FD)
IN ACCOUNTS COMPANY ADDS INTEREST RECEIVED TO GRANT RECEIVED AS A CAPITAL RESERVE.
WHAT IS TO BE DONE IN TAX? SUCH INTERST WILL INTEREST BE TRETED AS A CAPITAL RECEIPT?
THANKS.(URGENT)
2. COMPANY HAS INVESTED THE GOVERNMENT GRANT RECEIVED IN BANK FD AND RECEIVED INTEREST.
(AS PER GRANT RULES, COMPANY WILL GET GRANT LESS BY INTEREST RECEIVED ON FD)
IN ACCOUNTS COMPANY ADDS INTEREST RECEIVED TO GRANT RECEIVED AS A CAPITAL RESERVE.
WHAT IS TO BE DONE IN TAX? SUCH INTERST WILL INTEREST BE TRETED AS A CAPITAL RECEIPT?
THANKS.(URGENT)
CA Prashant Gupta
(Expert)
27 April 2012
1. Its a company registered with ROC.
2. No interest on FD is revenue receipt, as it is a regular income generated out of capital receipts.
2. No interest on FD is revenue receipt, as it is a regular income generated out of capital receipts.
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