Legal Question in Investment Law in India
Suppose a person have accumulated Rupees 300 lakh from his business & he gave due direct tax for that very amount @ 30% as per Indian corporate tax rules.After that if he saves the rest of the amount of Rs.210 lakh in a bank then my question is that ,whether he has to pay income tax on the interest of his savings or not? If there is any way as for example, savings in directly in Reserve Bank of India to evade the tax then please inform.
Asked on 7/28/11, 2:50 pm
2 Answers from Attorneys
KarVai Legal Solutions
Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in
income tax is on your earning coming from business or in any other way
no income tax is chargeable on savings
Answered on 8/02/11, 1:42 am
Related Questions & Answers
-
My broker in Delhi, India has traded on my behalf which is causing me 2+ lacs of... Asked 6/16/11, 8:53 pm in India Investment Law
-
Fixed Deposit after father's death: Do I have to close a Fixed Deposit that I opened... Asked 6/14/11, 8:02 pm in India Investment Law
-
In india My grand father worked as Agent for Pennar Investment & Co. He gathered... Asked 4/24/11, 7:09 am in India Investment Law
-
I have bought a land recently under my name. We are going to construct a house in... Asked 4/18/11, 11:51 pm in India Investment Law
-
What is the pricidure of cheque baunce? how one can be save if he is accused? Asked 1/31/11, 2:40 am in India Investment Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
