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Bank interest is disallowed income

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 January 2012 Dear Friends
I want to know that at the time when we do tax computation of Pvt. Ltd. then we add deprecation as company act and less deprecation as per Income tax . now I want to know that may I less bank interest from net profit before tax computation.

Pleas help me
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
20 January 2012 Bank interest will be reduced from business income as it is taxable under the head Income from Other Sources.

So, it will be reduced from business income and offered for tax under the head Income from Other Sources.
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