The Reader

I would like to add that if interest income is earned from funds generated from and thru business of Partnership firm, one can treat interest income as business income and make it eligible for the claim of salary.

R B JOSHI

----- Original Message -----
From: acdoshi@yahoo.com
Date: Saturday, February 6, 2010 2:35 pm
Subject: Re: [aurangabad_ca] For Partner Remuneration : Business income OrOther source
To: aurangabad_ca@yahoogroups.com

> I Differ the view . One tribunal decision of M/s Sheth Brothers
> has given decision in favor of Assessee
>
> CA Atul Doshi
> Sent from my BlackBerry® smartphone from !DEA
>
> -----Original Message-----
> From: "Harish Lalwani" <siddheshlalwani@gmail.com>
> Date: Thu, 4 Feb 2010 23:19:29
> To: <aurangabad_ca@yahoogroups.com>
> Subject: 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@yahoogroups.com
> [mailto:aurangabad_ca@yahoogroups.com]On Behalf Of dharam patel
> Sent: Thursday, February 04, 2010 7:27 PM
> To: ca aurangabad
> Subject: [aurangabad_ca] For Partner Remuneration : Business
> income Or Other
> source
>
>
>
>
>
>
> 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
>
>
>
>
>
>
>
>
>
>
>
> _____
>
> Your Mail works best with the New Yahoo Optimized IE8. Get it NOW!
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>
>

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