Business & profession
This query is : Resolved
Rishabh Jain
(Querist)
25 July 2013
A partnership firm has received interest from partner on their debit balances of capital.
Whether is it taxable u/h Business income or other sources??
Whether is it taxable u/h Business income or other sources??
CA UMESH DULAL
(Expert)
25 July 2013
Business
Rishabh Jain
(Querist)
25 July 2013
But why it is taxable as business income and not u/h other sources??
CA UMESH DULAL
(Expert)
25 July 2013
it is during the course of business
if loan is given to partner then there should be under o/s
if loan is given to partner then there should be under o/s
25 July 2013
Interest paid to partner is business exprnditure u/s 40b. As a corollary, interest received by firm from partner is income of the firm.
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