Hello Friends,
Our company has taken foreign currency loans against which they have taken swap agreements (cross currency swaps/plain vanilla swaps) from banks. Now on those swap agreements we have to pay hedging cost (swap cost) as per contract on half yearly basis to banks.
Question is that can we take deduction of this cost as revenue expenditure under income tax. If yes then kindly help me with the relevant section or relevant portion of income tax act.
Thanks in advance
Regards
Prateek

Co. Incorporated in year 2015 with only correspondence address.
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Thanks

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RESPECTED SIR
RETURN FILLED WITHOUT PAYMENT OF TAX BY MISTAKEN. HOW TO RESOLVE
THIS ISSUE? PLEASE ADVICE SIR THANKS........