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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

Taxability of interest income - The interest income earned by ...

Income Tax

December 4, 2017

Taxability of interest income - The interest income earned by assessee by depositing the share capital in Fixed Deposits under constraint are eligible to treat the income as capital in nature and allowed to set off against the precommencement expenses during the year. - AT

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  1. The assessee has collected the funds from the public/depositors, who have deposited the money to earn interest - This amount is capital which will be utilized to earn income - HC

  2. Interest on refundable security deposit from the tenants - interest income earned by the assessee company is chargeable to tax as business income - AT

  3. 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

  4. Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...

  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. Taxability of interest income - ‘Interest on bank deposits, inter-corporate deposits, debentures, from sister concerns and ‘other interest - the surplus money, unless...

  7. Taxability of notional interest - Income from House Property - Rental income - The addition was on the sole premise, that the assessee having the security deposit must...

  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. Interest earned on deposit - principle of mutuality - The interest earned on such deposit has a clear and direct nexus to the expenditure incurred in the form of...

  10. 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...

 

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