Huge income in other source head - individual assessee .

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Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2017 Need expert opinion , have Huge income in the head of Other income - Interest income on loan given - suggest me how to reduce tax liability . EXCEPT SECTION 80C,80D I.E ( CHAP VI - A DEDUCTION ) .

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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29 November 2017 You can reduce tax liability by claiming interest paid out of such interest income if you borrowed funds from others and paid interest on such loan or availed bank loan and paid interest on such loan.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2017 Thanks CS abhishek Goyal but that amount is too nominal. any other suggestion

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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29 November 2017 For investment in e-NPS, a separate deduction of up to Rs 50000/- is available under section 80CCB(1B)

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Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2017 Thanks CS Abhishek Goyal That wont help me as income is huge you can say more than 1 crore . any other suggestion

Studentsca

Studentsca (Expert)
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03 December 2017 Is it current year's or previous year's transaction??

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2017 Current year and same cant be applied as TDS on Interest deducted u/s 194A now suggest

Studentsca

Studentsca (Expert)
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04 December 2017 You are left with no other option but to show expenses as the interest income is in the government records.

It will difficult to justify high expenditure incurred for earning interest income.

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