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
Will not be disallowed because the said section covers only loans taken from specified financial institutions /scheduled banks.
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