Hi, I am making a profit & loss acoount statement, I have a query Should I be including "Interest from FD, Interest from Savings account and Dividend from shares" as income from other sources? Thanks, Harshit Patel
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Interest income in p&l account statement
Replies (5)
These 3 items are receipts of capital nature so this is an addition to capital. So while preparing the financial statements , the capital account will get credited with these 3 items. However , while preparing the income tax return , all these 3 shall come under income from other sources.
Firstly, please clarify the nature of business of company of which you are making P/L account.
If the company is non-finance company the above mentioned interest and dividends should come under the heading of " Other Incomes"
If the company is of finance nature then it shall come under " revenue from operations"
Please wait for the response of expert or working professionals.
Regards
Hi,
I am doing Arbitrage business (Stock trading).
Since this all INCOME is not from business and it is from investment. Should it be included In P&L account statement.
Thanks,
Harshit
Hi,
I am doing Arbitrage business (Stock trading).
Since this all INCOME is not from business and it is from investment. Should it be included In P&L account statement.
Thanks,
Harshit
I believe that the profit/loss you made in stock trading shall come under the income from operations along with dividends.
other income likes interest etc shall come under the heading of "Income from other sources".
Please wait for the expert or professional reply. Take this question in LinkedIn (appropiate group) too.
All the best
regards
Dipendra Pd. Poudel
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