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business income

21 December 2018

while I file partership firm's
return whether should i show interest income separately in other source income Or not? because in income computed U/S 143(1) , interest income calculated two times.

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5 Replies

joginder singh (student) (40 Points)
Replied 21 December 2018

Yes it should be shown separately

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MOHAMMED IMRAN (1020 Points)
Replied 21 December 2018

if your primary business is landing money and earning interest on them then , interest income is shown under business income. otherwise it is shown Under the head "income from other sources "

Hardi Tripathi (29 Points)
Replied 21 December 2018

it's fd interest

MOHAMMED IMRAN (1020 Points)
Replied 21 December 2018

then it must be shown under the head "Income from other sources "

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 22 December 2018

the interest earned on FDRs is always income from other source if use of money is investment purpose but in case fdrs made as bank guarantee or margin money in that case interest earned is income under head pgbp.