Taxability of interest income.
Nikhil (Article) (53 Points)
27 March 2015Nikhil (Article) (53 Points)
27 March 2015
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 27 March 2015
It seems your client is into the business of giving loans. If this is the case, he needs to file ITR showing interest income as income from business and profession. He will also get deduction of interest expense against income.
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training