Seperate a/c for interest on corporate deposit necessary?
This query is : Resolved
25 June 2014
My relative has F.D.s in (A) Banks as well as (B) Corporates . Is it necessary for him to show the Interest earned from these two sources in seperate accounts in his Books of Accounts or can he just credit the interest earned from both to the same account , namely , "FD Interest A/c" ?
In other words , does the I-T Act have any different rules regarding the Taxation aspect of these two types of income or from the taxability point-of-view they are just one & the same ?
In other words , does the I-T Act have any different rules regarding the Taxation aspect of these two types of income or from the taxability point-of-view they are just one & the same ?
25 June 2014
while both will be clubbed in income from interest only...only difference is that 80TTA exemption is available on bank deposits only.
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