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Taxability of Income received from bank, Income Tax |
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Taxability of Income received from bank |
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Can Amount received on one time settlement with bank , be taxed as income . Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
All depend upon the nature of transaction, the issue behind the settlement. Whether the issue related to revenue transaction or capital transaction. For more details, you may refer to the following case law: 2008 TMI - 30879 - HIGH COURT DELHI
Your query is not clear.
Amount received on one time settlement with bank - in OTS bank receives money and not the customer.
I believe you are seeking clarity in case of bank and not customer of bank.
Interest recovered in OTS , if not taken as taxable income will be taxable on receipt. Amount recovered on a/c of principal will not be taxable, unless it was allowed as bad debt/ loss earlier.
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