Easy Office
LCI Learning

Interest income before commencement of business

This query is : Resolved 

24 May 2011 X Ltd incorporated on 01/01/2010, and not commenced its business so far, Plant and Machinery is under Construction, It received Interest income on Fixed Deposit:-

Will the Interest be Taxable Under IT Act?

Can it Shown As Capital Reserve Under Reserves and Surplus?

Should prepare Profit and Loss Account?

24 May 2011 interest so earned is taxable

07 June 2011 Accounting Standard 10 and IT act is two different thing..under IT act it is taxable




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries




Answer Query