Section 44AD in case of Interest Income from Fixed Deposit

Share
Share This Thread
  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.
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
GST on Income under Section 44ADA Income Tax Sep 11, 2017
Clarification on Section 44ADA Presumptive Tax on Professionals Income Tax Jul 26, 2017
Can we use section 44AD and show 8% even if profit is 20%? Income Tax Jul 12, 2017
SECTION 44AD OF THE INCOME TAX ACT 1961 Income Tax Apr 15, 2017
preseumptive tax under section 44ADA Income Tax Mar 26, 2017