Interest Paid on Credit Cards

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Shivay Bhargava (Querist)
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09 July 2010 If company (Pvt. Ltd.) is using directors credit card for making business payemnts then interest paid on late payemnt of credit cards will be allowed as business expenditure or not?

Directors are using their cards for their personal use also.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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09 July 2010 Claim it as a dedcution even if it for personal use. Leave something for the A. O. to disallow.

Shivay Bhargava

Shivay Bhargava (Querist)
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12 July 2010 Please let me know as per the laws. It wll be allowable or not.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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12 July 2010 If the delay in payment of dues can be attributable towards business dues then the same may be allowable for IT purpose. Otherwise there is bleak case for the same.

Shivay Bhargava

Shivay Bhargava (Querist)
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14 July 2010 But I have already mentioned that directors using the cards for their personal use also. then

Aditya Maheshwari

Aditya Maheshwari (Expert)
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14 July 2010 Then disallow proportionate interest as attributable to personal expenses or do not claim expense for the same.

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