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interest waiver given to borrowers by banks

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16 July 2007 IN ANDAMAN & NICOBAR THE GOVT OF INDIA HAS GIVEN A INTEREST WAIVER FOR LOANS/OD ABOVE RS. 2.00 LAKHS FOR THREE YEARS AND LOAN WRITEOFFS FOR LOANS BELOW 2.00 LAKHS.

PLEASE LET ME KNOW THE TAX TREATMENT TO BE GIVEN FOR THE INTEREST WAIVER AND WITEOFFS OF LOANS.

THE ABOVE BENEFIT IS GIVEN FOR TSUNAMI AFFECT TO ALL THE BUSINESS LOANS/ OD. 2/3RD OF THE BURDEN WILL BE BORNE BY GOI AND 1/3RD BY INDIAN BANKING ASSOCIATION.
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Sanjeev Kumar Varshney

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Sanjeev Kumar Varshney (Expert)
25 July 2007 Mr Ahmed
As per Section 43B, the interest paid to Banks of FIs is eligible for deduction only when actually paid. So in my opinion, such write offs will not be allowed as deduction.
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