Are Bank interest, FD interest, Dividend, Schedule III transaction to be added in aggregate turnover.
If Yes is ITC required to be reversed under rule 42/43
No unless your business is to give loan and advances.
On inclusion of interest income in
aggregate turnover unnecessary burden is imposed on various assessees including senior citizens
who are at present not involved in carrying business and for that person complying the law is
very difficult. Hence, it is suggested that income earned without any business motive not be considered.
Further, there is no question of availing ITC on the same.
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