07 April 2016
sir my question is that if any partner ship firm doing business , he get advance money from debtors ., so he collect extra cash . so firm make bank fdr for few time , he get bank interest on fdr so my questtion is that 1. income of this fdr interest , will conciderd as business income or other source income ? 2 if it have conciderd as other source income , will it set off against business loss ?
Read more at: https://www.caclubindia.com/forum/partner-ship-firm-ger-interest-on-bank-fdr-355781.asp
07 April 2016
There is delicate interest earned by business to considered Income from business or income from other sources. But it is better to treat income from other sources. Yes, business loss can be set-off against Income from other sources.
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