Heads of income
This query is : Resolved
08 September 2009
Sir,
in case of corporate(Non Financing Co) assesse,wheather it is correct to show Interest Income earned by the co. under the head "BUSINESS INCOME" (In ITR 6)or it should be shown under the head "INCOME FROM OTHER SOURCE"
please suggest
with regards
raj
in case of corporate(Non Financing Co) assesse,wheather it is correct to show Interest Income earned by the co. under the head "BUSINESS INCOME" (In ITR 6)or it should be shown under the head "INCOME FROM OTHER SOURCE"
please suggest
with regards
raj
CA.Tarun Maheshwari
(Expert)
08 September 2009
If the interest earned is due to incidental or anciliary activites of the business, then it should be a part of business income, otherwise it is to be shown as Income from Other sources.
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