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Deduction of bank chgs --- urgent

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(Querist)
03 January 2012 can we deduct bank charges from bank interest received, when we show this in income from other sources?
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sanjay

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sanjay (Expert)
05 January 2012 You can't adjust bank charges from interest income as income & expenses should be gross up & not to net off.
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Vishal D Shah

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Vishal D Shah (Expert)
05 January 2012 Disha, pl tell under which head you shall be keeping Interest income? Business Income or Other sources.
If you have business income, you can do net off.
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