Business income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2018
One of our client is a trader and is giving his excess business fund as advances to his customers. Interest income received from that advances is included in the Business Income and he is filing his return u/s 44AD. I want to know that whether the interest received by him his chargeable as Business Income or Income from Other Sources. Further i want to know that is there any rule under Income Tax Act that if once the Income is charged as Business Income than for further years it should be chargeable under Business Income Only????
09 March 2018
well, if you are lending, then before bothering about 44AD, you should first look at whether your client is flouting the RBI/local state laws for money lending
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