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Income from other sources

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(Querist)
31 December 2015 Dear Experts,

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 ??)

Thanks in advance
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CA CMA CS Ram Pavan Kumar Melam

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CA CMA CS Ram Pavan Kumar Melam (Expert)
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.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
31 December 2015 However, it can be claimed as deduction but it must be reasonable and Sec 43B is to be in mind...
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Jaspal Singh

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Jaspal Singh (Expert)
31 December 2015 It would be better to claim bank charges as a expenditure in p&l a/c and show bank interest as an income under other sources..
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Ankur Singhal

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Ankur Singhal (Expert)
01 January 2016 Dear Swetha
no you cannot claim it as expenditure.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
01 January 2016 Excess and unreasonable expenses won't be allowed as deduction.
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