Dáil Éireann - Volume 28 - 20 February, 1929

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

Prionnsias O Fathaigh Prionnsias O Fathaigh

Prionnsias O Fathaigh 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.

Mr. Blythe Mr. Blythe

Mr. Blythe: 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.

Dáil Éireann 28 Ceisteanna—Questions. Oral Answers. Income Tax and Bank Overdrafts.

Questions

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