Section 44ad
This query is : Resolved
suhas potadar
(Querist)
24 December 2018
Dear sir,
Assessess has business income and he has not maintained books of account. He has declaring income under section 44AD and filing his return of income.
In his regular business income he has earning interest income on security deposit (deposit with party). Whether that interest income should separately considered or assume that it will consider as business income.
Thanks & regards.
Assessess has business income and he has not maintained books of account. He has declaring income under section 44AD and filing his return of income.
In his regular business income he has earning interest income on security deposit (deposit with party). Whether that interest income should separately considered or assume that it will consider as business income.
Thanks & regards.
24 December 2018
It should be treated as income from other sources.
suhas potadar
(Querist)
24 December 2018
Sir,
The deposit was given for doing the business. This deposit is considered as security. So, it will be my business. Means the interest income also business income. So can consider as business income and consider u/s 44AD.
The deposit was given for doing the business. This deposit is considered as security. So, it will be my business. Means the interest income also business income. So can consider as business income and consider u/s 44AD.
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