Please provide me with some help in relation of following query:
One of the Assessee is having Share Capital & Sec Premium of around Rs.45 Lakhs out of which Rs.20 Lakhs has been employed on WIP & remaining amt was invested in FD on 31.03.2010.
During the F Y 2010-11, the invested FD had interest income of around Rs.2.5 Lakhs. While no other activities has been done during the year.
Whether one should pay tax on the interest income or just reduce the FD interest against opening WIP and claim the entire TDS Amt or there is some other way out.
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