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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- Not able to file ITR
- Presumptive income under Income tax act 2025
- Rental income of jointly held property
- Regarding ITR filing with more value than showing in AIS/TIS
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
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
