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?
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?
CAclubindia
