Tax treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 November 2018
I am a taxpayer as salaried employee ....in current FY , I have invested Rs.10 lacs( through savings account cheque ) to my friends financial consultancy firm who got me much better return than normal FD , I got Rs.120000 credited to my savings account .
Need help in showing the income and pay appropriate tax .
Need help in showing the income and pay appropriate tax .
20 November 2018
The amount received is interest show it under income from other sources. If it is sharing of profit show it as business income and pay applicable tax including salary income.
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