Taxable under which head of income
This query is : Resolved
22 August 2010
If Rs. 1000000 is kept as Fixed Deposit in Bank in the name of a Pvt. Ltd. (say XYZ Pvt. Ltd.), then the interest received on the fixed deposit is taxable under the head profit gains from business/profession or income from other sources?
CA Ravi Sisodia
(Expert)
22 August 2010
According to me -- income from other sources
23 August 2010
Income from other sources
23 August 2010
In case of FD in Company name, fund are used for FD is business fund, it is usually taken in Business income itself.
CA Sanat Pyne
(Expert)
23 August 2010
agree with CA. BIJENDER KR. BANSALji ,
IF FD IS OUT OF BUSINESS FUND THEN IT WILL BE TREATED AS BUSINESS INCOME.
IF FD IS OUT OF BUSINESS FUND THEN IT WILL BE TREATED AS BUSINESS INCOME.
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