Interest on loan u/s 43b

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Pragati (Querist)
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22 September 2011 Interest on loan shown payable to partners in a partnership firm . The above expenses has not been paid to the partners and only exp.provision is created.
whether the above exp. will be disallowed u/s 43B since 43B states that "interest on any loan should be actully paid and mere provision will be disallowed"

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2011 Proprietor cannot pay interest to himself /herself.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 September 2011 No the same will not be disallowed.

Section 43B applies only to loans obtained from public financial institutions, i.e., banks & other financial institutions.

Pragati

Pragati (Querist)
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22 September 2011 sir
if its a partnership firm & interest has been paid to the partners and to the huf also .
Huf is being controlled by partners themselve

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2011
Sorry to say that the first query itself has been altered since my observation.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 September 2011 You should not change the query once someone has answered it. Reflects badly. You should post a new query.

Pragati

Pragati (Querist)
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22 September 2011 sorry for d mistake boss

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Interest on loan u/s 43b

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