From other sources or business
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 January 2012
PD is my client and he is having rental income and he
also recieves interest on moneys lent ,mostly to farmers
and also to those who are not assessees by cash mode and
receives back by cash.He did not maintain any accounts.
Please clarify me the head under which he has to declare
his interest income, income from Other sources or
under business head thereby he should not face troubles
on scrutiny asst if selected.
if business, can he declare 8% or more on gross interest
received u/s 44AD ?
also recieves interest on moneys lent ,mostly to farmers
and also to those who are not assessees by cash mode and
receives back by cash.He did not maintain any accounts.
Please clarify me the head under which he has to declare
his interest income, income from Other sources or
under business head thereby he should not face troubles
on scrutiny asst if selected.
if business, can he declare 8% or more on gross interest
received u/s 44AD ?
07 January 2012
if cash loan is given / recd back is 20000/- or more than do not include such transactions else penalty u/s. 269SS / 269T will be invited. if wish to claim expenses against interest income than show as business.
Message likes :
1 times
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- 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
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
