Interest on shop loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2014
Is Interest On Shop Loan Deducted From Total Income
08 April 2014
Yes Expense is deductible.
But Kindly note that the expenses are deducted and claimed by the one who are covered by Tax Audit & those who are not required to file the return on the basis of presumptive income.
but if you are covered by presumptive income clause then you have no option of claiming any particular expenses
you have to directly declare Income @ 8% of turnover.
But Kindly note that the expenses are deducted and claimed by the one who are covered by Tax Audit & those who are not required to file the return on the basis of presumptive income.
but if you are covered by presumptive income clause then you have no option of claiming any particular expenses
you have to directly declare Income @ 8% of turnover.
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