About finance charges
This query is : Resolved
28 May 2012
An assesse having vehicles taken loan from banking & non banking sectors, year ending the finance charges debited to P&L A/c without TDS. when the file goes verification to IT department, they will add finance charges of non banking as a income,whether there is any option to avoid tax for the A.Y. 2009-2010
CA PARAS BAFNA
(Expert)
28 May 2012
In Finance Act 2012, amendment in Section 40(ia) has been made.
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You have to prove that the income paid has been shown by the Finance Company with taxes due thereon. A CA certificate may be provided to you by the Finance Company to avoid any hardship.
.
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You have to prove that the income paid has been shown by the Finance Company with taxes due thereon. A CA certificate may be provided to you by the Finance Company to avoid any hardship.
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