INTEREST ON SECURITY DEPOSIT

Charudutta R. Mhalgi (Querist) 31 July 2010 This query is : Resolved
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soumitra basu (Expert) 01 August 2010
1. The interest on security deposit is allowable under section 37 of the income tax act provided the withdrawl was made for business purpose.

2. It is better to provide the interest on every financial year if the contract maintain accounts on mercantile basis. Otherwise the interest can be debited and claimed when it is crystalized.

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