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Interst income from finance business

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NANDAN (Querist)
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16 March 2018 Dear Sir/ Madan, Interest income from finance business, Can we show this income under section 44AD?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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16 March 2018 no , Interest income not covered under sec 44AD ,

NANDAN (Querist)
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16 March 2018 Can we show it as under income from other sources?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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16 March 2018 you can not treat Income from Finance business interest under income from other sources

NANDAN (Querist)
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16 March 2018 Should i file under section 44AB?

RAJA P M (Expert)
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16 March 2018 Yes... If your Income exceeds above Rs. 1 Cr then You fall under Tax Audit case as u/s 44AB

NANDAN (Querist)
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16 March 2018 Income is below 1crore and profite is less than 8 percent should i file under section 44AB?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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17 March 2018 yes if you declare income less than 8% than Tax audit will apply.

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