Interest paid in excess
This query is : Resolved
07 January 2012
What are the possible consequnces when interest paid in excess to depositors covered u/s 40A(2)(b)?
07 January 2012
In case the excess amt of interest paid can be substantiated with the "business interest" or "fund requirement" or long term availability assurances, the excess over normal may not be disallowed.
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If excess is really excessive and is felt so also on the business, it will be disallowed to the extent it exceeds. Entire amount will not be disallowed.
.
.
If excess is really excessive and is felt so also on the business, it will be disallowed to the extent it exceeds. Entire amount will not be disallowed.
.
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