fdr made for business purpose , intrest income earned will go to which head proit from business profession or income from other source . with section if income is from profit from business profession
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Fdr intrest
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Its Income from other sources.
the income whihc is directly related to your business activity is termed as business income & is shown in the trading account. for example if you are carrying on the business of manufacturing shirts, then all the income generated from the sale of shirts will be your direct income & will be recorded as sales in your trading account.
Intrest earned from FD, is not directly related to your business acctivity, so it will be your indirect income and will be considered as income from other sources.
IF IT IS DIRECTLY RELATED WITH BUSINESS DEN ONLY TREATED AS BUSINESS INCOME
under section 56 of income tax act the fd interest should be shown under income from other sources
its income from other sources.....
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