OVERDRAFT INTERST IS ALLOWED AS "EXPENDITURE" UNDER THE HEAD INCOME FROM OTHER SOURCE, IRRESPECTIVE OF THE OVERDRAFT FACILITY USED (FOR EG. PURCHASE OF SHARE) ?
franky 1991 (4 Points)
22 July 2016OVERDRAFT INTERST IS ALLOWED AS "EXPENDITURE" UNDER THE HEAD INCOME FROM OTHER SOURCE, IRRESPECTIVE OF THE OVERDRAFT FACILITY USED (FOR EG. PURCHASE OF SHARE) ?
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 22 July 2016
I think no,
all the expenditure which are not wholly and exclusively for the purpose of earning of income, is not allowable as expenses
CAclubindia
