Section 44AD in case of Interest Income from Fixed Deposit

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  1. suresh b jariwala

    suresh b jariwala New Member

    whether interest income from bank fd of from partnership firm business considered included in presumptive profit or not ?
    love
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    Interest Income from FD cannot be classified under head "Income from Business & Profession". It is classified under head "Income from Other Sources"

    Therefore, Section 44AD is not applicable on Interest Income from FD.
     
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