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This query is : Resolved
03 May 2012
Dear experts,
iam doing a business(sales p.a rs.23,00,000) mean while i've made bank deposits (FD)for which i received rs.33000/- as interest.
can i include bank interest to my sales T.O & calculate 8% on 23,33,000/- ? as int. from bank is also business income in my case.
kindly advice.
iam doing a business(sales p.a rs.23,00,000) mean while i've made bank deposits (FD)for which i received rs.33000/- as interest.
can i include bank interest to my sales T.O & calculate 8% on 23,33,000/- ? as int. from bank is also business income in my case.
kindly advice.
03 May 2012
No. 23 lakh is sales and 33k is interest. Show it under income from other sources.
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03 May 2012
8% is to be calculated on the turnover. Interest is part of Income from Other source.
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