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Direct Taxation

if a person claim 1 lakh chit for 85000 rupees after deducting 5000 interest he receives 80000 is that income is taxable

Remya Raveendran

CA Inter

★ 270

28-Apr-22 21:48

205

Answers (2)

20,000 can be a claimed loss (1 lakh - 80k). If we received excess amount that amount is taxable.

Ravikumar Pandi

CA Inter

★ 1K+

29-Apr-22 21:52

Is there any income

Sudha Reddy

CA Final

★ 20K+

02-May-22 13:37

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