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Intrest Income
Suppose i am doing a business of renting generator and gave advance or loan to someone and received an intrest of 12% on given amount. The interest received is a business income or it is a other source income?
Replies (4)
of course , IFOS
I have given this loan amount from business bank current account and show that amount as a advance given in my book of account. after considering above fact still it will be show as income from other sources?
it will be your business income as per section 56 and interest income from loan does not cover by this section so you have to show it as your business income
include interest income in P&L A/c of business
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