PART OF BOOK PROFIT
This query is : Resolved
HUZAIFA HUSSAIN
(Querist)
28 August 2009
PLEASE LET ME KNOW WHETHER INTEREST RECEIVED BY A PARTNERSHIP FIRM ON SECURITY DEPOSITS KEPT WITH THE CREDITOR COMPANY IS A PART OF BUSINESS INCOME OR IT IS THE INCOME FROM OTHER SOURCES.
CAN WE CONSIDER INTEREST ON SECURITY DEPOSIT FOR COMPUTING BOOK PROFIT OR IT SHOULD BE DEDUCTED.
UR VALUABLE ADVISE IS NEEDED.
THANKS IN ADVANCE
CAN WE CONSIDER INTEREST ON SECURITY DEPOSIT FOR COMPUTING BOOK PROFIT OR IT SHOULD BE DEDUCTED.
UR VALUABLE ADVISE IS NEEDED.
THANKS IN ADVANCE
SANDEEP AGARWAL
(Expert)
28 August 2009
Its part of business income because security deposit was in course of business.
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