Income from other sources can we show Interest paid greater than Income received? i.e Negative income in head Income from other sources. If yes then set off available against which head of income?
Menu
Income from other sources
Replies (2)
Yes, you can show negative income under Income from other source..
Please visit below link for more info
https://wirc-icai.org/wirc_referencer/income%20tax%20&%20wealth%20tax/Set%20Off%20And%20Carry%20Forward%20of%20Losses.htm
So in following case :
Saving bank interest = Rs. 5,000
(+) Other Interest Received = Rs. 5,000
(-) Interest Paid = Rs 7000
Total Interest Income from Others Source = Rs 3000
whether will get deduction of Rs. 5000 or Rs. 3000 is Sec 80TTA
Recent Topic
- My client missed to file ITR 3 for AY 25-26
- Subscription/Membership fees
- Inverted tax gst refund
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
Related Topics
CAclubindia
