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Clarification on bank fixed deposits opened for a one person company
04-Mar-2023 (In Tax Law)
I want to start one person company and book bank fixed deposit in its name. Can i deduct business expenses from interest income earned on bank fixed deposit?
Hello,
Yes, you can deduct expenses from the interest earned on Fixed deposit. It will be your income from other sources and will be shown in your profit and loss account. After that you can deduct your business expenses from that interest income besides your profit from business.
Yes, you can deduct expenses from the interest earned on Fixed deposit. It will be your income from other sources and will be shown in your profit and loss account. After that you can deduct your business expenses from that interest income besides your profit from business.
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Adv. Rohan Bathla
Faridabad | 25+ Answers
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