If bank charges are more than bank interest received, can we claim loss from other sources while filing income tax return?? (Example: Bank interest:1200, bank charges:1400.., can loss of Rs.200 be claimed ??)
31 December 2015
Interest is normally chargeable to tax under the head "Income from other sources" and no such provision for deduction u/s 57 in case of bank charges.
If such interest received falls under "profits and gains of business or profession" then possible for deduction of bank charges under general deduction provision 37.
CAclubindia
