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Bank interest credited in profit and loss a/c

SSG (1936 Points)

29 September 2016

The Profit & Loss a/c of the assessee has the interest income, that needs to be considered under "Income from Other Sources". Under which clause in form 3CD, that interest be disallowed.

Please advise.

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4 Replies

Namit (Accountant) (52 Points)
Replied 29 September 2016

The interest income is not to be disallowed anywhere in Form 3CD.

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basant (Accounting & Taxation) (390 Points)
Replied 30 September 2016

interest income is disallowed in itr in schedule BP not anywhere in 3cd.

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s.karthic (Tax Practitioner) (64 Points)
Replied 01 October 2016

13. Amounts not credited to the profit and loss account, being,—
	(a)	the items falling within the scope of section 28;

(b)

the proforma credits, drawbacks, refund of duty of customs or excise or service tax, or refund of sales taxor value added tax, where such credits, drawbacks or refunds are admitted as due by the authorities concerned;

(c)

escalation claims accepted during the previous year;

(d)

any other item of income;

(e)

capital receipt, if any.

any other reported under above schedule or any income credited in p&l . its not permited or disallowed under P&L it will be under this schedule