INTEREST ON CAPITAL RECEIVED FROM PARTNERSHIP FIRM
This query is : Resolved
30 July 2022
1. UNDER WHICH HEAD OF INCOME IS THE INTEREST ON CAPITAL RECEIVED FROM PARTNERSHIP FIRM TAXABLE?
- "INCOME FROM BUSINESS/PROFESSION" OR "INCOME FROM OTHER SOURCES"
2. IF THE INTEREST RECEIVED FROM FIRM IS TO BE TAXED UNDER "INCOME FROM BUSINESS/PROFESSION, THEN WILL TAX AUDIT BE APPLICABLE IF THE TOTAL PROFESSIONAL RECEIPTS AND THE INTEREST ON CAPITAL EXCEEDS RS. 50.00 LAKHS?
- "INCOME FROM BUSINESS/PROFESSION" OR "INCOME FROM OTHER SOURCES"
2. IF THE INTEREST RECEIVED FROM FIRM IS TO BE TAXED UNDER "INCOME FROM BUSINESS/PROFESSION, THEN WILL TAX AUDIT BE APPLICABLE IF THE TOTAL PROFESSIONAL RECEIPTS AND THE INTEREST ON CAPITAL EXCEEDS RS. 50.00 LAKHS?
30 July 2022
1. Under profits & Gains from Business or Profession.
2. No the interest income is not eligible for sec. 44AD/44ADA of IT act..
2. No the interest income is not eligible for sec. 44AD/44ADA of IT act..
31 July 2022
so then where do we show such interest income in ITR-3, because we are not maintaining books of accounts as professional receipts are eligible for 44ada...
31 July 2022
No need of keeping books of accounts, declare the interest under normal assessment.
& In schedule BP declare it as interest received from firm.
& In schedule BP declare it as interest received from firm.
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