Tax head selection
This query is : Resolved
12 September 2015
A bank has given 4% loan of 7500000 dollar loan & made FD with them @ 9%.
now it is not used in business
income is 9% interest
expense is 4% interest
diff. is net income
company has current business of export
the 5% interest income rs.37500$ consider under Business or IFOS
now it is not used in business
income is 9% interest
expense is 4% interest
diff. is net income
company has current business of export
the 5% interest income rs.37500$ consider under Business or IFOS
12 September 2015
Interest income @9% has to be offered under IFOS and 4% interest paid cannot be deducted since it is paid not for earning income.
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