Interest on loan u/s 43b
This query is : Resolved
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"
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"
22 September 2011
Proprietor cannot pay interest to himself /herself.
Message likes :
2 times
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.
Section 43B applies only to loans obtained from public financial institutions, i.e., banks & other financial institutions.
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
if its a partnership firm & interest has been paid to the partners and to the huf also .
Huf is being controlled by partners themselve
22 September 2011
Sorry to say that the first query itself has been altered since my observation.
Sorry to say that the first query itself has been altered since my observation.
22 September 2011
You should not change the query once someone has answered it. Reflects badly. You should post a new query.
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