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Dáil Éireann díospóireacht -
Wednesday, 20 Feb 1929

Vol. 28 No. 1

Ceisteanna—Questions. Oral Answers. - Income Tax and Bank Overdrafts.

asked the Minister for Finance whether, in calculating the amount of income tax in the case of a person having a bank overdraft, the amount of the overdraft is deducted from the assessment, or whether it is the practice in such a case to deduct from the assessment merely the interest paid on the overdraft.

In the assessment of income tax no relief is allowable in respect of the amount of an overdraft. Relief is granted in respect of interest payable to a bank on an overdraft in accordance with Section 36 of Income Tax Act, 1918.

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