Practicing Chartered Accountant
156 Points
Joined November 2008
Dear Friends
1. If earlier TDS deduct fom Capital account then
Income Tax Refund will be added / transfer to Capital Account and Interest on this will be treated as taxable Income from Other Sources and it will also be transfered to Capital Account
2. If earlier TDS not deduct from capital account (ie. Stand in assets side) then
a. if amount received less than from amount stand in assets side, then amount deduct from capital account to the extent of less amount received and intt. will be treated as taxable Income from Other Sources and it will also be transfered to Capital Account
b. if same amount received then no any adjustment requried but interest will be treated as taxable Income from Other Sources and it will also be transfered to Capital Account.