Interest Subsidy Deduction Approved u/s 80IB(11A) of Income Tax Act, Enhancing Bank Profits with Reduced Rates.

Interest Subsidy Deduction Approved u/s 80IB(11A) of Income Tax Act, Enhancing Bank Profits with Reduced Rates. https://www.taxtmi.com/highlights?id=34043 Deduction u/s 80IB(11A) - interest subsidy - if bank has charged 12% and it got subsidy of 5%, then it had charged the rate of 7% on the profit & loss account, then it would have enhanced its profit to this extent, and therefore, this interest subsidy is to be considered as eligible for grant of deduction under section 80IB(11) of the Act. - AT en-us Thu, 30 Mar 2017 07:01:45 +0530 Thu, 30 Mar 2017 07:01:45 +0530 TaxTMI RSS Generator Interest Subsidy Deduction Approved u/s 80IB(11A) of Income Tax Act, Enhancing Bank Profits with Reduced Rates. https://www.taxtmi.com/highlights?id=34043 Deduction u/s 80IB(11A) - interest subsidy - if bank has charged 12% and it got subsidy of 5%, then it had charged the rate of 7% on the profit & loss account, then it would have enhanced its profit to this extent, and therefore, this interest subsidy is to be considered as eligible for grant of deduction under section 80IB(11) of the Act. - AT Highlights Income Tax Thu, 30 Mar 2017 07:01:45 +0530 https://www.taxtmi.com/highlights?id=34043