Taxation

~~with focus on tax education~~

Profit on Bank Account - FTR or Normal

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Query from Labeeb Subhani

"whether tax deducted on profit of an individual by a bank is adjustable or full and final discharge of tax liability."

Section : 151 states that;

Interest income from following shall be taxable under Final Tax Regime (FTR) for a person other than a company

• Bank Profit including profit and loss sharing (PLS) account
• Profit on certificates under national saving scheme including defence saving certificates and post office saving account
• Profit on certificates, debentures including TFCs, COIs issued by a company or a financial institution.

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posted @ 5:43 PM,

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