Income of compay
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2013
if a company is a partner in partnership firm
and company receive profit from firm, then such profit, how disclosed in books of company.is such profit is direct income or indirect income ( i.e income on investment), if indirect then how it should be treated as indirect income?
What would be the answer in case of company is individual?
Thanks.
and company receive profit from firm, then such profit, how disclosed in books of company.is such profit is direct income or indirect income ( i.e income on investment), if indirect then how it should be treated as indirect income?
What would be the answer in case of company is individual?
Thanks.
12 November 2013
depends on how the investment in partnership firm is reflected in the books of the company. If it is shown as trade investment, then it shall be direct income. if it is shown as non-trade investment, then indirect income.
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