Menu
Interest on Capital and Current Account Interest Taxation Reg
I am an individual and I am a Partner in Partnership Firms I have received interest on Capital and Current Account Amount from the Firms.The Said interest income to be added in Income from business or Profession or income from Other Sources.Kindly Clarify.Share of profit also received from the Firm is exempt in which section.Shall I claim these deduction in new tax regime.If I had business income for the coming assessment year i e 2022-2023(31-03-2022) may I withdraw the new tax regime in next financial year i e 31-03-2023.Kindly Clarify this also.
Replies (2)
It should be shown under income from other sources.
Both interest from partnership firm and profit from firm required to be disclose under 'income from business or profession'
Profit from firm is exempt.
Profit from firm is exempt.
Recent Threads
- Negative Export Value in GSTR 3B
- Income tax intimation -AY 24-25
- Tax Implications of Alumni Union (R) under Society
- Heard & Seen Around – Your Daily Economi
- Purchase and sales of Shares entry in Tally
- Where to know latest GST HSN Codes and their Rates
- Hsn code and rate cnsl crude oil
- Clarification required on taxation of income from
- Pension Income up to Rs.1,66,250 per month equal t
- Reappointment of Managing Director in a private li
Related Threads
CAclubindia
