44ad
This query is : Resolved
14 March 2015
Dear,
Assessee declare his business income under 44AD. He also receive the interest from unsecured loan,whether this income can be declared under 44AD to avoid income tax,under other income head.
As income is declared under 44AD, there is no requirement of books of accounts.
Assessee declare his business income under 44AD. He also receive the interest from unsecured loan,whether this income can be declared under 44AD to avoid income tax,under other income head.
As income is declared under 44AD, there is no requirement of books of accounts.
14 March 2015
Interest from unsecured loan is not a business income which can be shown u/s 44AD as part of gross receipts. It has to be shown as other sources.
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