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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
