Interest income from parent company and taxation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2013
Hi,
Could you please explain me the income tax treatment of interest income received from parent company company in the hands of subsidary.Parent company is a bank and the subsidary is an insurance company acquired by the parent company.Subsidary is holding bank account with the parent company which is a bank.
Could you please explain me the income tax treatment of interest income received from parent company company in the hands of subsidary.Parent company is a bank and the subsidary is an insurance company acquired by the parent company.Subsidary is holding bank account with the parent company which is a bank.
28 May 2013
From the Income-tax Act point of view, these are two different company assessees.
.
The interest received from the parent company by the subsidiary is taxable in the hands of the Subsidiary company whereas the parent company can claim the same as expense.
.
.
The interest received from the parent company by the subsidiary is taxable in the hands of the Subsidiary company whereas the parent company can claim the same as expense.
.
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