Tax audit or not
This query is : Resolved
13 February 2012
Respected Sir
one of my Client was doing subcontract work and he is received total gross receipts Rs. 59,52,000/- and he was paid Rs. 5,00,000 for Security deposit because Sub-Contract work purpose, and he was received interest on Security deposit Rs. 60,000/-@12% P.A., so total Gross Receipts during the F.Y. 11-12 Rs. 60,12,000, at this situation Interest received on Security deposit is Capital a/c Credit or P&L A/c Credit.
my Query is He is covered u/s 44AB or 44AD please tell
Thanks in advance
one of my Client was doing subcontract work and he is received total gross receipts Rs. 59,52,000/- and he was paid Rs. 5,00,000 for Security deposit because Sub-Contract work purpose, and he was received interest on Security deposit Rs. 60,000/-@12% P.A., so total Gross Receipts during the F.Y. 11-12 Rs. 60,12,000, at this situation Interest received on Security deposit is Capital a/c Credit or P&L A/c Credit.
my Query is He is covered u/s 44AB or 44AD please tell
Thanks in advance
13 February 2012
The deposit is in relation to the business and hence interest on such deposit forms part of 'turnover' for the purpose of 44AB of the Income tax Act,1961.
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