income from interest on loans
This query is : Resolved
09 July 2009
I AM A PROFESSIONAL. APART FROM MY PROFESSIONAL INCOME I HAVE INCOME FROM INTEREST ON LOANS AND ALSO INTEREST FROM BANK. cORRECTLY IT SHOULD COME UNDER THE HEADING INCOME FROM OTHER SOURCES BUT MY ACCOUNTANT SAYS IT SHOULD BE INCLUDD IN PROFIT & LOSS ACCOUNT UNDER THEHEAD PROFITS FROM BUSINESS PLEASE ADVICE.
09 July 2009
its income from other sources
Message likes :
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09 July 2009
Agree with expert. Even if it is included in profit & loss, in books of account for accounting purposes, you can segregate the same in your Income Tax Return.
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