44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2014 An Assesse (a proprietorship firm)taxable U/S 44AD , having a interest income other than buisness income, then such interest income will be part of 8% of turnover or it will be taxable separately other then buisness income which is taxable at 8%.( Treatment of interest received income will be inclusive of 8% of turnover or exclusive)

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 March 2014 no...interest income wont be included in turnover...park it in income from other sources.

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2014 if interest is received in the name of firm then to, it is treated separately form 44AD income?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 March 2014 where does the firm comes into picture here? isnt he a proprietor? anyways, income from other sources will be parked in other incomes only

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2014 ok, Thanks Mr. Nikhil Kaushik..

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