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Income from other sources

This query is : Resolved 

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

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.

31 December 2015 However, it can be claimed as deduction but it must be reasonable and Sec 43B is to be in mind...


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..

01 January 2016 Dear Swetha
no you cannot claim it as expenditure.

01 January 2016 Excess and unreasonable expenses won't be allowed as deduction.



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