About interest payment
This query is : Resolved
23 August 2013
if loan taken from relatives but interest not paid whether it has any effect if the individual business is under tax audit 44AB
CA PARAS BAFNA
(Expert)
23 August 2013
In case payment of interest is not made to relative, there is always a positive effect on the profitability. It can be explained that such relative do not want to take interest from the Individual Assessee. So, there will be no question if relative has given his/her own funds.
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