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Income from business & professions

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20 April 2017 If an entrepreneur, had fixed deposit with bank and he took overdraft over such fixed deposit. Suppose next year he decided to close overdraft with bank by utilizing his fixed deposit and after payment of such overdraft balance amount of fixed deposit is transferred to his current account. In such kind of transaction whether any tax liability arise? and if yes how to calculate income for the purpose of calculating income tax liability?

20 April 2017 Tax liability arise only on interest on FD on accrual basis which can be obtained from Bank by way of statement.



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