tax treatment on interest on unutilised Grants
This query is : Resolved
ca walia umesh
(Querist)
25 August 2008
What will be the tax treatment of interest recived on unutilised capital and revenue grants in the books of accounts
Ranjit Ahluwalia
(Expert)
26 August 2008
Interest on any Bank Deposit shal be treated as "Income from Other Surcers" if the main object of Company is not to earn interest income. Any B/F Depreciaiton can be set off agasint this income but B/F Losses can not be set off. Revenue Grants shall have same treatment.
ca walia umesh
(Querist)
26 August 2008
Whether income tax is payable seperatly on interest on fxed deposits earned on unutilsed capital grant which will be shown under the head capital reserve.
Dhirajlal Rambhia
(Expert)
20 June 2023
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