Interest income from sundry debtors

 

Dear All,

I have some commission income from a share franchisses and got form 16. But I have some interest income from lending business (about Rs.70000/-).

How I treat this income in computation of total income. I have not maintain any books for income from money lending.

Is this income from other sources ?  

Please let me know all legal requirments about the problem.

Thanks 

H S BAGGA

 

 

Replies (1)
Interest income is taxable under section 56. You can claim deduction U/S 57, if u paid any interest or any other expenses.

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