hey guys,
pls tell In case of business interest rec. from bank is shown under which head. is it shown under PGBP head or IFOS head. pls tell guys.
7 Replies
Abhilash Gandhi
(27 Points)
Replied 11 August 2019
it will be shown under the head of "Income from other sources".
yogesh
(no)
(101 Points)
Replied 11 August 2019
can you tell me the reason why it is shown under other sources
Abhilash Gandhi
(27 Points)
Replied 11 August 2019
Because you may have different nature of business where you are being taxed on income from such business. However, your nature of business is not of Banking, hence the interest income received from bank is treated as "IFOS"
Abhishek Agarwal
(8 Points)
Replied 11 August 2019
what will be treatment if pvt ltd co. earns intrest from bank on its fd??
Kapadia Pravin
(17259 Points)
Replied 11 August 2019
Bank interest is under PGBP. and not under IFOS
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 12 August 2019
interest on FD will come under IFOS
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