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income from investments

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 July 2010 Dear sir,

i have a propreitory concern for which tax audit(44AB) is applicable. out of the profits of the concern i have invested in mutual funds. should the difference between the amount invested and the NAV of the mutual fund as on the balance sheet be treated as income/expense and accounted accordingly. will the notional gain be treated as income from other sources in my income tax returns. plz advice.
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vrnanda

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vrnanda (Expert)
31 July 2010 yes you have to consider it as income
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
01 August 2010 Notional gain on mutual funds are not treated as income from your investment.
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