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Income rax

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Querist : Anonymous (Querist)
06 June 2013 weather it is necessary to pay interest on unsecured loan...?

If yes, then under which section
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
06 June 2013 There is no specific section to require payment of interest on loans. Generally interest free loans can be viewed as unaccounted income during scrutiny. On a safer side, it is advisable to charge interest. It can be covered under general deduction u/s 37.
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