Claim of Expenditure at the rate of 7.5% of the interest income ...

Taxation of Interest Income: Estimating Indirect Expenditure When Specific Costs Are Unclear for Fair Tax Assessment.

August 31, 2022

Case Laws Income Tax AT

Claim of Expenditure at the rate of 7.5% of the interest income - Admittedly, there is no specific expenditure incurred to earn the interest income. However, incurring of sum indirect expenditure cannot be ruled out. It is trite law that what can be taxed is only real income not hypothetical income, when the specific expenditure cannot be identified, it is appropriate to estimate certain amount of expenditure. - AT

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Claim of Expenditure at the rate of 7.5% of the interest income ...

Taxation of Interest Income: Estimating Indirect Expenditure When Specific Costs Are Unclear for Fair Tax Assessment.

August 31, 2022

Case Laws Income Tax AT

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