Deduction for intrest on loan
This query is : Resolved
Jashpreet kour
(Querist)
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
Message likes :
1 times
Amol S Joglekar
(Expert)
22 September 2016
if it is for business purpose, the interest can be allowed as allowable expenditure for that business.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- GSTR9 Annual Return
- Ito add credit side of bank
- Rent agreement of House of deceased person
- IMS (import of goods) ITC related
- Form 144 TDS Return Validation error
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Capital Gains Tax on Inherited Mutual Fund
- Form 144 TDS Return Validation Error – Mandatory Fields
- Import of Capital Machine
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
