15 October 2015
One of my client being an Individual engaged as Service provider.For preparation of Balance Sheet, he is having FDR Balances with Scheduled/Nationalized Banks along with Accrued Interest thereon. Certain FDR is less than or equal to 12 months while some are for a period more than 12 months i.e. for term of 5 years.
Now question arises where these FDR Balances to be shown in ITR-4 excel file as well as Accrued Interest thereon as on year end i.e. whether the same is to be shown as Bank Balances & other Current Assets so far FDR Balances with banks & Accrued Interest on FDR respectively is concerned or some other suitable disclosure is needed from the accounting as well as Income tax point of view.
CAclubindia
