We are company -have income from interest and capital gain 112a & 111a and expenses is salary and interest
We pay full tax on capital gain but we setoff salary from interest income.
Is this treatment is write
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Salary expenses how to treat
Replies (1)
Directly deducting salary from interest income under Section 57 is impermissible. Instead, routing salary expenses through PGBP creates a business loss, which can then legally set off interest income under Section 71 within the same assessment year.
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