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Interest Income

ITAT Allows 80P Deduction to ‘Interest Income’ earned by SBI Officers Co-op. Credit Society Ltd on deposits placed with SBI [Read Order]

A division bench of the Hyderabad ITAT, while granting relief to M/s SBI Officers Coop. Credit Society Ltd, held that the society is eligible for...

Interest Income from Depositing Share Capital in FDs with Bank under constraint is Capital Receipt:...

Interest Income from Nationalized Banks is Business Income, Eligible for 80-P Deduction: ITAT [Read...

Interest Paid to Partner is Deductible if he is receiving Interest Income from Capital Contribution:...

Interest Income of a Non-Resident is Taxable at a Lower Rate under Indo-UK DTAA: ITAT Hyderabad...

IT Dept to tackle People receiving 5 lakh and above as Interest Income from Fixed Deposits

The Income Tax authorities are all set to check the bank accounts of people earning interest of Rs 5 lakh or more from fixed deposits, a report in Times of India said. As per the report, the...

Interest Income of a Co-Operative Society on Funds which are not required for Business Deposited in Bank is eligible for Deduction: ITAT

In a recent ruling, the ITAT, Bangalore held that the interest income earned by a co-operaive Society on funds which are not required for the business deposited in the fixed deposit in the bank is...

TDS on Interest Income Accrued to a Minor after Parent’s Death, shall be Deducted from Minor, not from Grand-Parents: CBDT

The Central Board of Direct Taxes (CBDT) recently clarified that, on death of both parents, the TDS on the interest income accrued to a minor shall be deducted from the Minor, not from Grand-parents. ...

Interest Income on FDs used as Borrowing Margin Money for purpose of Setting Up the Industry is Taxable as ‘Other Income’: Rajasthan HC [Read Judgment]

In a recent ruling, the Rajasthan High Court held that the interest earned on Fixed Deposit receipts used by the assessee as borrowing margin money for funds for setting up the industry is revenue...

Interest Income from Bank FDs earned during Pre-Operative period is Taxable as ‘Income from Other Sources’: ITAT Hyderabad

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, in the case of DRS Warehousing (South) v. ITO, held that the interest on FDs earned during the pre-operative period is taxable as ‘Income...

Waiver of Interest Income by the Company by passing Resolution is Excludable from Taxable Income: Calcutta HC [Read Judgment]

In Shiva Laxmi Exports Ltd v. CIT, the division bench of the Calcutta High Court held that interest income could not said to have had accrued when the same was waived by the Company by passing a...