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Interest from Non-SLR securities of Banks

Income Tax - 18/2015 - Dated:- 2-11-2015 - F.No.279/Misc.140/2015/ITJ GOVERNMENT OF INDIA MINISTRY OF FINANCE DIRECTORATE OF INCOME-TAX LEGAL AND RESEARCH CIRCULAR NO 18/2015 New Delhi, Dated November 02, 2015 Subject: -reg. It has been brought to th .....

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rces." 2. Clause (id) of sub-section (1) of Section 56 of the Act provides that income by way of interest on securities shall be chargeable to income-tax under the head "Income from Other Sources", if, the income is not chargeable to i .....

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SC) = 2005-TIOL-94-SC-IT, the Apex Court held that the investments made by a banking concern are part of the business of banking. Therefore, the income arising from such investments is attributable to the business of banking falling under the head &q .....

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