Скачать или смотреть INCOME TAX ON BANK INTEREST छूट का नया तरीका ! SAVING INTEREST,FD INTEREST, RD INTEREST

INCOME TAX ON BANK INTEREST छूट का नया तरीका ! SAVING INTEREST,FD INTEREST, RD INTEREST

Summary
This video, from the CA SATBIR SINGH channel, explains a significant ruling by the Income Tax Appellate Tribunal (ITAT) concerning income tax on bank interest. The video highlights a "new way" for taxpayers to claim an important exemption by deducting bank transaction charges from their taxable interest income (which includes interest from Savings Bank, Fixed Deposits (FD), and Recurring Deposits (RD)) [00:00].

The ruling asserts that this deduction is allowed under Section 57 of the Income Tax Act because there is a "direct nexus" between the expense (bank charges) and the income (bank interest) [01:34]. Essentially, the ITAT stated that expenses directly incurred to generate income, even if categorized under "Income from Other Sources," are justifiable deductions [02:01].

The key takeaway is that taxpayers who pay bank charges can and should claim these expenses as a deduction to reduce their overall tax liability on interest income. The video advises viewers to maintain proper evidence of these bank charges for compliance [02:15].

ITAT Allows Deduction for Bank Transaction Charges Against Interest Income. https://www.taxheal.com/917-jpr-2025....


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