Tax audit or not

This query is : Resolved

rajesh (Querist)
Follow

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)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now