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
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.
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
(Expert)
31 December 2015
However, it can be claimed as deduction but it must be reasonable and Sec 43B is to be in mind...
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..
Ankur Singhal
(Expert)
01 January 2016
Dear Swetha
no you cannot claim it as expenditure.
no you cannot claim it as expenditure.
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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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