Section 44ad

This query is : Resolved

suhas potadar (Querist)
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24 December 2018 Dear sir,

Assessess has business income and he has not maintained books of account. He has declaring income under section 44AD and filing his return of income.
In his regular business income he has earning interest income on security deposit (deposit with party). Whether that interest income should separately considered or assume that it will consider as business income.

Thanks & regards.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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24 December 2018 It should be treated as income from other sources.

suhas potadar

suhas potadar (Querist)
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24 December 2018 Sir,
The deposit was given for doing the business. This deposit is considered as security. So, it will be my business. Means the interest income also business income. So can consider as business income and consider u/s 44AD.

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