Taxability under which head

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33 Points Posted on 17 January 2020
Interest from bank FD made out of surplus fund is taxable under the head PGBP or IFOS ?
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On 17 January 2020 at 11:04 Report
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This discussion clarifies the taxability of interest earned on bank Fixed Deposits (FDs) made from surplus funds. The consensus is that such interest is taxable under the 'Income from Other Sources' head, not 'Profits and Gains from Business or Profession' (PGBP). This is based on the provisions of Section 28 of the Income Tax Act.

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209 Points Posted on 17 January 2020
IFOS, definitely , read the section 28 of income tax
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On 17 January 2020 at 12:02
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12244 Points Posted on 18 January 2020
It is under income from other sources
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On 18 January 2020 at 03:17

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