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Allowbility of expense

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(Querist)
06 August 2014 A Person is in Printing business, he has purchased a printing machine and has taken a loan against that. He is paying monthly installment of that loan, can he show installments in profit & loss a/c of business.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
06 August 2014 yes since its for business such int is allowed as exp
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mahendra kewlani

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mahendra kewlani (Querist)
06 August 2014 only interest will be allowed or both interest plus principal repaymnt will be allowed...



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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
06 August 2014 principle is not allowed as its capital amount only amount u debit to p n l i.e int is allowed

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