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 August 2017 Year 2017 This

Assessment of the bank interest - Interest on fixed deposits in ...

Income Tax

August 8, 2017

Assessment of the bank interest - Interest on fixed deposits in providing bank Guarantee under EPCG scheme is in the nature of capital receipt and to be set off against project cost.

View Source

 


 

You may also like:

  1. Nature of interest income - Appropriate taxable head of income - Because except its subsidiary, the assessee has not given Bank Guarantee to anybody else, which can...

  2. Interest on FDR kept for bank guarantee to secure contract to be set off from Project expenses as capital in nature, not taxable as income from other sources

  3. 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

  4. Interest income received by the club from fixed deposit in bank cannot be form the house property and consequently this income is from other sources - there is no...

  5. 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...

  6. Invocation of bank guarantee - non-redemption of Export Promotion Capital Goods (EPCG) authorisations which was availed of earlier - it is the case of the petitioner...

  7. Conversion of Shipping Bills from Drawback and EPCG Scheme to EPCG Drawback and DEEC Scheme - examination by the Central Excise Officer cannot substitute for examination...

  8. Addition of expenses as penal in nature - forfeiture of the Bank Guarantee - it was related to the business activities of the assessee and was revenue in nature,...

  9. 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...

  10. Import of Capital goods under EPCG Scheme - non-fulfillment of export obligations -The appellants are liable to pay interest on the delayed payment of customs duty foregone

 

Quick Updates:Latest Updates