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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. 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. 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

  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. 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

  5. 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...

  6. 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...

  7. 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...

  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. 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...

  10. Additions against fixed deposit in the name of family members and interest income - Admittedly, the amount of fixed deposit in the name of family members can adequately...

 

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