Classification of heads
This query is : Resolved
Rohit Gami
(Querist)
13 December 2014
Dear Sir,
my problem is regarding classification of head.Suppose if we put in a bank FD in the name of co. then interest received shall be taxable in which head?
my problem is regarding classification of head.Suppose if we put in a bank FD in the name of co. then interest received shall be taxable in which head?
Amol S Joglekar
(Expert)
13 December 2014
Income from other sources.
.
.
.
.
14 December 2014
To determinate the head of income i.e, business income or income from other sources we need the purpose of investment. if surplus amount kept in bank then it treated as" Income from other source" . If business need i.e., security purposes kept in bank (EMD) then treated as business income.
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