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Interest debited p & l account

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GANGADHARA RAO

GANGADHARA RAO (Querist)
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17 October 2016 Sir
my client is took loan from financial institutions, the loan amount is used in his busienss, he paying EMI through ECS , the interest is debited p & l account, it is correct or not. please advise me

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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17 October 2016 if loan is taken as business loan and taken benefits in your business then you can claim interest as business expense.

lalit sharma

lalit sharma (Expert)
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17 October 2016 yes int. on loan taken for business is allowed as exp.

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