Taxability of interest on mobilization advance
This query is : Resolved
30 September 2014
We as a company provide advances to contractors for starting up OUR capital project, however we charge interest on advance from contractors.
In books we reduce the amount of interest from the project cost being a capital receipt.
So my question is that whether this interest amount in taxable in Income Tax Act?
In books we reduce the amount of interest from the project cost being a capital receipt.
So my question is that whether this interest amount in taxable in Income Tax Act?
30 September 2014
This interest amount is taxable under IT Act.
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