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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bank interest
Replies (7)
it will be shown under the head of "Income from other sources".
can you tell me the reason why it is shown under other sources
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"
thanx bro....
what will be treatment if pvt ltd co. earns intrest from bank on its fd??
Bank interest is under PGBP. and not under IFOS
interest on FD will come under IFOS
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