FD is in the name of Business (proprietor ship firm).
interest income of FD will come in credit side of P/L
or it will be considered under personal income under head "Income from other sources" ?
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INTEREST INCOME FROM FD
Replies (10)
Quick Summary
In books of accounts it will come as credit to P & L account as interest on FD morning part of profit.
but in computation of income it should be disclosed under income from other sources
but in computation of income it should be disclosed under income from other sources
It will be credited in profit and loss account.
Interest income should be offered under PGBP head, and also interest income is credited to profit and loss account.
I support SUSHANT BIDAYE view.
If FD is inextricably linked with business transactions than income from same is taxable as Income from Business and Profession, otherwise it's taxable under Income from other sources.
Agree with Sushant
If the FD is from business funds it's a business income, and taxable under pgbp head
It's not like that...
Before from which fund FD is done, FD has been done for which purpose..
if It's for business purposes, than only taxable as business income.
Before from which fund FD is done, FD has been done for which purpose..
if It's for business purposes, than only taxable as business income.
Agree
Interest income will be credited in profit and loss account and will be shown under income from other sources
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