Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Interest earned on grants made by the State Government kept in ...

Income Tax

November 9, 2015

Interest earned on grants made by the State Government kept in fixed deposits pending utilization - interest on all these fixed deposits are considered to be capitalised and not revenue receipts to treat it as an income. - HC

View Source

 


 

You may also like:

  1. Exemption from payment of income tax on interest earned - fixed deposits kept with certain banks which were corporate members of the assessee club - principle of...

  2. Exemption u/s 11 - The interest earned on fixed deposit with banks complying with the provisions of Section 11 (5) is exempt and the proviso to Section 2( 15) has no application

  3. Chargebility of interest income - In view of the terms of contract, the fixed deposit and earning of interest on such fixed deposit was intricately connected with the...

  4. Taxability of interest income earned on FDR - unutilized interest was received, on the amount of grant received from the State Government, and kept in FDRs as per the...

  5. Deduction u/s 80-IC - Interest on Fixed Deposits (FD) - in order to avail overdraft facility, the bank mandated pledge of fixed deposits - interest earned out of the...

  6. Netting of interest-unless funds are borrowed for making deposit to earn interest, such interest paid can't be allowed as deduction from interest income u/s 57

  7. Doctrine of mutuality - Interest earned on the bank deposits by clubs - Deposit of surplus funds by the appellant Clubs by way of bank deposits in various banks - the...

  8. Characterization of income - Determine the nature of interest income earned - mere fact that the deposits were linked with projects would not alter the character of the...

  9. Taxability of Interest earned on the Central Government grant - the interest earned on the Central Government grant is to be included as a part of the grant received...

  10. Deduction u/s 80(P)(2)(d) - Interest income earned on investment in Fixed Deposit with a cooperative bank. - The Hon’ble Apex Court categorically stated that the...

 

Quick Updates:Latest Updates