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Interest from fixed deposits

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Querist : Anonymous

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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.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
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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