Interest income

This query is : Resolved

Bhupesh Duggar (Querist)
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09 March 2016 I have interest income of 72000 with salary income 370000. on behalf of interest income I have incurred 10000/- rs expenditure for brokerage, telephone, petrol etc. so my problem is may I claim this expenditure in income tax. and if I am filing ITR1 with respect to this income, is it correct or not. pls help

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 March 2016 1. If the expenditure 10,000 is for earning 72,000 it can be deducted.

2. If interest comes under 'business', ITR-1 is not the correct choice.