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INTEREST INCOME GIVEN BY PROPRIETOR

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(Querist)
16 February 2021 Dear All
I would like to know whether a Proprietor can waive the Interest Income which was paid by him for past years. The income is not paid in one financial year 2020-2021 due to covid-19. Is there any implications wit regard to Income Tax Act?

If cannot be waived, can it be reduced?
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
16 February 2021 Your query is not clear. How can it be income when he has to pay it?
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Arun Kumar M

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Arun Kumar M (Querist)
17 February 2021 Sir,

I was referring Interest as Income from the person who is receiving it. Let me clarify, me being a proprietor is paying Interest to my friend for a loan he has given to my concern for the past 4 years. Suddenly in 2020-2021, Iam unable to pay the same due to losses. I was asking is there any problem for not paying such interest for a year? Whether Income tax implications are there for not paying?
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