NBFC
This query is : Resolved
CA. Jyoti Baid
(Querist)
06 May 2010
Respected all,
A NBFC Company engaged in the business of trading in shares, securities,etc. is lending money to other companies i.e. giving loans for interest.
Now the interest received on loans will be treated as INCOME FROM BUSINESS or INCOME FROM OTHER SOURCES.
regards,
Jyoti
A NBFC Company engaged in the business of trading in shares, securities,etc. is lending money to other companies i.e. giving loans for interest.
Now the interest received on loans will be treated as INCOME FROM BUSINESS or INCOME FROM OTHER SOURCES.
regards,
Jyoti
06 May 2010
Income from Business
Gajendra R. Tiwari
(Expert)
06 May 2010
If the primary business of the above mentioned company is trading of Shares & Securities and lending money then the interest received on loans will be treated as Business Income.
if the money lending activity is for investing purpose done occasionally then interest received will be treated as other income.
if the money lending activity is for investing purpose done occasionally then interest received will be treated as other income.
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