INTEREST PAID TO STANDARD CHARTERED BANK - whether eligible for allowable exps as it is not scheduled bank...
Diwakar Mishra
(Accountant)
(136 Points)
Replied 10 October 2011
As per section 37 (1) The amount of interest paid are allowable if interest pertain to wholly and exclusively for the purpose of business. Interest is allowable for schedule and un-scheudule banks, infact loan may be borrowed from indiviudal, company etc
Krutesh Patel
(ACA)
(727 Points)
Replied 10 October 2011
Shceduled and non shceduled bank is not a criteria to decide about allowability of interest.
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