Interest from fixed deposits
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 May 2014
I AM A KARTA OF A HUF FIRM. THE HUF FIRM IS PROPRIETOR OF A ORDER & SUPPLY FIRM . THE PROPRIETORSHIP FIRM HAVE MADE FIXED DEPOSIT OF RS ten lakhs in bank. WILL INTEREST FROM FIXED DEPOSIT WILL BE SHOWN IN PROFIT & LOSS A/c of proprietor firm, WILL EXPENSES OF FIRM adjusted against interest income from fixed deposit in profit & loss a/c. will income tax department allow adjustment. please reply immediately.
11 May 2014
the said income shall be included in income from other sources. with regards to adjustment section 71 shall apply.
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