44ad

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Querist : Anonymous

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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)

26 March 2014 no...interest income wont be included in turnover...park it in income from other sources.

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Querist : Anonymous

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

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

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Querist : Anonymous

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


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