Interest u/s 234 a, b & c
This query is : Resolved
Manish Agarwalla
(Querist)
18 November 2014
Whether interest paid u/s. 234 a, b & c is allowed to charged in statement of Profit & loss if not than the treatment for the same in case of company assessee
Amol S Joglekar
(Expert)
18 November 2014
No, it is not allowable expenditure as per income tax act. You debit it to interest on income tax account and add it back in computation sheet.
Manish Agarwalla
(Querist)
18 November 2014
thank you can we directly credit the above amount to reserves and surplus instead of statement of profit & loss
Amol S Joglekar
(Expert)
18 November 2014
No. Such practice of directly affecting reserves account should be avoided. It will NOT be considered to be a prudent disclosure policy.
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Manish Agarwalla
(Querist)
18 November 2014
Thank You for your advise sir
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