CA Rajdeepsinh Kanchava (Senior accountant at KPO) 11 March 2013
Greetings of the day to all the CCI Members.
If a Contractor Receives the Consideration for the Construction Service Provided by him in the form of Fixed Deposite (Before the issuance of Completion Certificate ) then would this FD amount be taxable or the Interest only be Taxable or both??????
Thanks in Advance.
CAclubindia Online Learning offers a wide variety of online classes and video lectures for various professional courses such as CA, CS, CMA, CISA as well as various certification courses on GST, Transfer Pricing, International Taxation, Excel, Tally, FM, Ind AS and more. know more
Vikas (CA) 11 March 2013
A similar example has been provided in the Education Guide issued as on 20/06/2012.
According to me, the amount charged would be the FD amount as it is the consideration transferred from transferee and not the interest.
Refer, Sec.67 of the Act.