Assertion (A): If the interest is payable outside India, tax must be deducted at source. Reason (R): If tax has not been deducted at source, the amount paid as interest will not be allowed as a deduction in computing business income.
(a) Mr. A purchased a house for self residence of Rs. 80 lacs by taking a loan of Rs.60 lacs from SBI at 10% interest, instead of using his own funds. (b) Mr. A made investment in purchasing 12% redeemable debentures of TISCO worth Rs. 1.50 lac. (c) Mr. A purchased 100 gram gold biscuits […]
List I (Types of Income) List II (Heads of Income) (a) Salary, bonus, commission etc. received by a working partner from the firm. (i) Income from the other sources. (b) Pension received by the widow of a government employee (ii) Income from (short term) Capital Gains (c) Profits on the sale of machinery used in […]