Loss of interst
This query is : Resolved
27 February 2016
LOSS OF INTEREST
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Loss of interest on account of pre-matured encashment of FDRS in March 2015 Account [ Ay 15-16 ] hence debited to capital account in March 16 [ Ay 16-17 ] Account. Can we not club with bank interest paid on OD Limit. ? Actually it should have been debited to FDRS INTEREST RECEIPT right in March 2015 Account but inadvertently could not be debited and finally remained as debit outstanding on account of Accrued Interest Receipt. Can we not club with bank interest paid on OD Limit. ?
===========================
Loss of interest on account of pre-matured encashment of FDRS in March 2015 Account [ Ay 15-16 ] hence debited to capital account in March 16 [ Ay 16-17 ] Account. Can we not club with bank interest paid on OD Limit. ? Actually it should have been debited to FDRS INTEREST RECEIPT right in March 2015 Account but inadvertently could not be debited and finally remained as debit outstanding on account of Accrued Interest Receipt. Can we not club with bank interest paid on OD Limit. ?
29 February 2016
No
Direct nexus is required for claiming any expense in relation to income earned. You can deduct this pre mature FDRS interest against FD interest income. But if u club this premature interest on FD with loan interest then you wont be able to claim the premature interest against business income
Direct nexus is required for claiming any expense in relation to income earned. You can deduct this pre mature FDRS interest against FD interest income. But if u club this premature interest on FD with loan interest then you wont be able to claim the premature interest against business income
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