What d accounting and taxation procedure of recurring depost
This query is : Resolved
21 December 2011
dear sir,
My client investing Rs.6000/- per month in cash and showed properly in thier accounts..
and at last after 5 yrs. the client would recieve 4.5 lakhs
what the accounting and taxation procedure in such a case?
My client investing Rs.6000/- per month in cash and showed properly in thier accounts..
and at last after 5 yrs. the client would recieve 4.5 lakhs
what the accounting and taxation procedure in such a case?
22 December 2011
Monthly deposit will be recorded in the books:
RD A/c Dr.
To Cash
At the time of maturity,
Bank A/c Dr.
To RD A/c
Interest on RD a/c is taxable under the head Income from Other Sources. Maturity amount is not taxable.
RD A/c Dr.
To Cash
At the time of maturity,
Bank A/c Dr.
To RD A/c
Interest on RD a/c is taxable under the head Income from Other Sources. Maturity amount is not taxable.
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