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Taxable Income

Would interest income be assessed as business income?

Interest Income is either assessed as 'Business Income' or as 'Income from other sources' depending upon the activities carried on by the assessee. If the investment yielding interest is part of the business of the assessee, the same would be assessable as 'business income' but where the earning of the interest income is incidental to and not the direct outcome of the business carried on by the assessee, the same is assessable as 'Income from other sources'. Business implies some real, substantial and systematic or organized course of activity with a profit motive. Interest, generated from such an activity, is business Income; else it would be interest from other sources.

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Income from House Property

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Wealth Tax

TDS

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Due dates for filing tax returns

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