INTEREST EARNED FROM FIRM
This query is : Resolved
22 June 2020
MR.X earned business income rs 250000 and interest from firm rs 100000 as well as capital rs 15,00,000.
query is
1.whether i have to show interest from firm in PL credit side?
2.do i have to entry direct while computing the income.
3.can i enter 15 lacs as investment in BS?
query is
1.whether i have to show interest from firm in PL credit side?
2.do i have to entry direct while computing the income.
3.can i enter 15 lacs as investment in BS?
22 June 2020
Interest from partnership first of 100000/- can be shown directly in IT computation under special business..
22 June 2020
Need not credit to PL of regular business
22 June 2020
Share of Profit
Remuneration
Interest
These things comes under special business
23 June 2020
SHARE OF PROFIT IN PARTNERSHIP IS EXEMPTED UNDER 10(2). HOWEVER, IT IS RIGHTLY SAID IN ABOVE REPLIES THAT INTEREST INCOME NEED NOT TO TRANSFER INTO YOUR BUSINESS PROFIT & LOSS A/C AS THIS INCOME DOES NOT BELONG TO THAT BUSINESS (YOUR PROPRIETORSHIP CONCERN)
23 June 2020
OK THANKS I CLEARED ON THIS TOPIC.
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