while I file partership firm's
return whether should i show interest income separately in other source income Or not? because in income computed U/S 143(1) , interest income calculated two times.
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business income
Replies (5)
Yes it should be shown separately
if your primary business is landing money and earning interest on them then , interest income is shown under business income. otherwise it is shown Under the head "income from other sources "
it's fd interest
then it must be shown under the head "Income from other sources "
the interest earned on FDRs is always income from other source if use of money is investment purpose but in case fdrs made as bank guarantee or margin money in that case interest earned is income under head pgbp.
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