Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interest Income on Bonds Deductible if Part of Gross Total Income; Expenses Calculated Per Relevant Section.</h1> A person is entitled to a deduction for interest income on bonds if this income is part of their gross total income from ordinary sources. The deductible amount is the interest income from bonds issued by a local authority or State Pooled Finance Entity and notified by the Central Government. This income is the gross interest minus expenses incurred to earn it. The method for calculating these expenses is prescribed under the relevant section of the legislation.
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