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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Liable to deduct tds and 44ADA
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
