Is FD interest income and mutual fund income included in total income for 44ADA
Say my professional earning is 15LPA and FD interest is 2LPA and 1Lakh earned from debt mutual fund redeemed before 3yr, so do i have to pay tax on 50% of total 15+2+1 which is 9 Lakh taxable ?
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Is FD interest to be included in income for 44ADA
Replies (5)
FD interest income and mutual fund is not to be included for 44ADA. 50% of 15L which is 7.5 L is taxable as business income.
ok, thanks for clarifying
Hi all...
Sorry for attending this query after giving thanks by Querist...
@ Mr Rahul.,
As per Your query Your Professional income Rs 15l. So, You can show the income u/s 44ADA @ 50% profit as PGPB
&
Shiw the FD* interest & MF* redeemed under IFOS...
Note : more details about FD & MF is better to short out the issues...
Sorry for attending this query after giving thanks by Querist...
@ Mr Rahul.,
As per Your query Your Professional income Rs 15l. So, You can show the income u/s 44ADA @ 50% profit as PGPB
&
Shiw the FD* interest & MF* redeemed under IFOS...
Note : more details about FD & MF is better to short out the issues...
ok, thanks Mr. Raja , but i am not aware of terms like PGPB and IFOS so cannot understand the reply properly.
Also please let me know what all details are required for FD and MF ?
PGPB - Profit and Gains from Business and profession (We will shown all Business and Professional incomes in this head)
IFOS - Income From Other Sources (some of the income showing in this head like interests)
IFOS - Income From Other Sources (some of the income showing in this head like interests)
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