Deduction for intrest on loan
This query is : Resolved
22 September 2016
If a loan is taken from Individual during the FY and Interest on Such Loan is Due at the end of the FY also shown such interest in Statemnt of P/L a/c. Whether Deduction for Intrest on such Loan is allowed or not
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22 September 2016
if it is for business purpose, the interest can be allowed as allowable expenditure for that business.
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