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

Sanjay Kalra Sanjay Kalra & Associates

Yes.

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Answered on 7/29/11, 12:03 am
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

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Answered on 8/02/11, 1:42 am


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