Allowability of working capital interest u/s 43b
This query is : Resolved
22 August 2015
One of our client a private limited Company has defaulted in payment of Interest (Working capital loan) the details of the same are as follows. Interest due on June 2012 Say 1,00,000/- ie for FY 12 - 13 if Paid on June 2014. Return filled in november 2014. allowing the same under sec 43b Please opine wether the above treatment is correct. Please also provide the the relevant tax provisions.
30 August 2015
Any int. payable against loan if not paid before due date for filling return will not be allowable- sect. 43-B (e) r.w.proviso.
Int. was due for Fy 12-13, if not paid before due date for filling return, for AY 13-14, is not allowable as deduction. Same is allowable in FY in which payment is actually made.
Int. was due for Fy 12-13, if not paid before due date for filling return, for AY 13-14, is not allowable as deduction. Same is allowable in FY in which payment is actually made.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Journal entry of busniess expenses
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- RATE AND HSN CODE
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
