Sec115baa query urgent
This query is : Resolved
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CA Parul Saxena
(Querist)
11 September 2024
What if a company opts for section115baa...then interest on Fixed deposit would be taxed at 22% or 25%...and if company has rental income too then deduction under section24 would be allowed?
15 October 2024
Interest on fixed deposits would be taxed at 25% under Section 115BAA, as this section specifically provides for taxation of income other than business income at the rates provided in the Act.
15 October 2024
Yes, if a company has rental income, deduction under Section 24 of the Income Tax Act, 1961 would be allowed.
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