https://www.taxtmi.com/highlights?id=64821 Deduction u/s 80-IC - Interest on Fixed Deposits (FD) - in order to avail overdraft facility, the bank mandated pledge of fixed deposits - interest earned out of the fixed deposit made from the surplus funds being not connected to the manufacturing activity and do not form an integral part of the profits derived from industrial unit is not eligible for deduction. Interest is an unearned passive income derived out of non manufacturing activity. - AT en-us Wed, 27 Jul 2022 08:40:16 +0530 Wed, 27 Jul 2022 08:40:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=64821 Deduction u/s 80-IC - Interest on Fixed Deposits (FD) - in order to avail overdraft facility, the bank mandated pledge of fixed deposits - interest earned out of the fixed deposit made from the surplus funds being not connected to the manufacturing activity and do not form an integral part of the profits derived from industrial unit is not eligible for deduction. Interest is an unearned passive income derived out of non manufacturing activity. - AT Highlights Income Tax Wed, 27 Jul 2022 08:40:16 +0530 https://www.taxtmi.com/highlights?id=64821