Interest Paid on Credit Cards
This query is : Resolved
Shivay Bhargava
(Querist)
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.
Directors are using their cards for their personal use also.
Aditya Maheshwari
(Expert)
09 July 2010
Claim it as a dedcution even if it for personal use. Leave something for the A. O. to disallow.
Shivay Bhargava
(Querist)
12 July 2010
Please let me know as per the laws. It wll be allowable or not.
Aditya Maheshwari
(Expert)
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
(Querist)
14 July 2010
But I have already mentioned that directors using the cards for their personal use also. then
Aditya Maheshwari
(Expert)
14 July 2010
Then disallow proportionate interest as attributable to personal expenses or do not claim expense for the same.
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