i am proprietor of a small business with term loan from nationalised bank.according to bank i am eligible for excemption of tax for interest paid.in efiling under which section i can claim this?
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 21 May 2015
u/s 36(1)(iii) of income tax act, you can google it for more details about it
Sudhanshu
(article)
(62 Points)
Replied 23 May 2015
file you return in form ITR 4, maintain books of a/cs, claim intrest paid on loan as expense u/s 36(1)(III)
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