MANAGEMENT

Detailed explanation-1: -Interest on bank savings, time deposits, deposit substitutes, and money market placements received by domestic or resident foreign corporations from a domestic corporation are subject to a final tax of 20%, while interest income derived from FCDU deposits is subject to a final tax of 15%.

Detailed explanation-2: –For the removal of doubts, it is hereby declared that where any salary paid in advance in included in the total income of any person for any previous year, it shall not be included again in the total income of the person when the salary becomes due. Explanation 2.

Detailed explanation-3: -What Interest Is Tax-Deductible? You can deduct several types of interest, including mortgage interest, student loan interest, investment interest, and business loan interest. You must meet specific requirements to qualify for each deduction.

Detailed explanation-4: -Commuted pension is fully exempt from tax in the case of a Government employee (i.e.. an employee of the Central Government, State Government, local authority and statutory corporation). 1/2 of normal pension is exempt from tax if the employee does not receive gratuity.