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head of income

This query is : Resolved 

For Partnership Firm, in which head the income of Bank Interest and Bank F.D. Interest will be computed?
Whether in business income or under Income from other sources?


If the deposit has been made in relation to the business, the interest earned thereon will become part of 'business income'. On the other hand surplus funds are parked in fixed deposit with an intention to earn interest, it will form part of 'income from other sources'.


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