Tax audit or not

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rajesh (Querist)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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