04 April 2015
Dear all expert i am engaged in proprietorship business, i have taken load from my friend and i am also paying 18% PA interest. my Query is. can i get rebate in income tax for paying interest and repayment of loan. if yes how much..
04 April 2015
If the money had been borrowed for business then you are entitled to claims interest paid as a business expense under section 37 of the act. In my view considering practical aspect interest rate should be 12% to 14 %
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