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.
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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.
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