RE: [aurangabad_ca] For Partner Remuneration : Business income Or Other source
The Interest on bank fixed deposit is Income from Other Sources and not the part of profits and gains for business or profession for the purpose of remuneration to partners.
Harish Lalwani
From: aurangabad_ca@
Sent: Thursday, February 04, 2010 7:27 PM
To: ca aurangabad
Subject: [aurangabad_
| Dear Friends, One of my client is a Partnership Firm. Taken a Term loan for machinery with Bank. Security demanded by bank in the form of Bank FD. Now, The question is that the Accrued bank interest is on FD to be considered under Other Source or under head of Business income. Interest amount is Rs. 1,20,000/-. Net Profit is Rs. 1,30,000 after remuneration of Rs. 1,75,000/- It is affected for the eligible amount of Remuneration calculation. Thank you
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