How will we account for Security deposit received on granting of tender,still unclaimed after 3 years?
Also what will be the tax implications.
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TENDER SECURITY DEPOSIT RECEIVED EXPIRY
Replies (2)
You can forfeite the same if applicable as per sec. 185 of contract Act, 1872 as time barred. If you are going to forfeite the same it will be treated as your income under written off, credit side of your P/L or Income Side.
Agreed with response of members
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