Interest income
This query is : Resolved
hemlata p. soni
(Querist)
04 January 2019
IF I HAVE SALARY INCOME. I TAKE LOAN FROM MY PARENTS FOR MAKING BUSINESS OF FINANCING ON SMALL BASIS. I GIVE LOAN BELOW 50000/- AND TAKING CHEQUE FROM THE BORROWER. I OFFER THE INTEREST INCOME IN MY RETURN AND ALSO TAKE INT EXP WHICH I HAVE TO BEAR. WHETHER I HAVE TO TAKE LICENSE FOR FINANCING OR CAN I DO IN NORMAL WAY.
CA R SEETHARAMAN
(Expert)
05 January 2019
No licence required on financing in small basis.
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