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bank interest

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no
101 Points Posted on 11 August 2019
hey guys,
pls tell In case of business interest rec. from bank is shown under which head. is it shown under PGBP head or IFOS head. pls tell guys.
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On 11 August 2019 at 12:53 Report
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27 Points Posted on 11 August 2019
it will be shown under the head of "Income from other sources".
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On 11 August 2019 at 13:01
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no
101 Points Posted on 11 August 2019
can you tell me the reason why it is shown under other sources
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On 11 August 2019 at 13:03
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27 Points Posted on 11 August 2019
Because you may have different nature of business where you are being taxed on income from such business. However, your nature of business is not of Banking, hence the interest income received from bank is treated as "IFOS"
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On 11 August 2019 at 13:10
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no
101 Points Posted on 11 August 2019
thanx bro....
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On 11 August 2019 at 13:57
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8 Points Posted on 11 August 2019
what will be treatment if pvt ltd co. earns intrest from bank on its fd??
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On 11 August 2019 at 14:29
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17264 Points Posted on 11 August 2019
Bank interest is under PGBP. and not under IFOS
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On 11 August 2019 at 18:27
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Team Lead
7558 Points Posted on 12 August 2019
interest on FD will come under IFOS
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On 12 August 2019 at 07:14


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