Bank Charges
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2011
Can an Individual or HUF deduct Bank charges from Total Income while filing return ITR 1 & 2.
Thanks in Advance
Thanks in Advance
25 January 2011
NO. Because these expenses are not related with their income. If the bank account is current account and the Individual/ HUF has business income the same can be allowed as deduction from total income.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2011
What if the Individual is salaried and also engaged in Share tradings ? And can he deduct charges relating to demat & trading expenses?
25 January 2011
Yes he can deduct these expenses it these are related with the earning of income which is chargeable to tax except salary income.
Message likes :
1 times
26 January 2011
If engaged in share trading These charges are not deductible in case of LTCG & STCG. Only if it is treated as business income these charges are deductible.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
