Interst set off
This query is : Resolved
11 June 2013
Hello every one.
I have simple query
I have given unsecured loans to parties and earning interest on it.
And i m also paying interst on o/d account.
Can i set off interest paid against interest earned ....
Plz give me answer
I have simple query
I have given unsecured loans to parties and earning interest on it.
And i m also paying interst on o/d account.
Can i set off interest paid against interest earned ....
Plz give me answer
11 June 2013
i) If your business is money lending, O.K set off possible.
ii) If you declare income under the head 'income from other sources' set off is not possible. Please refer supreme court decision in Dr. V.P. Gopinathan's case wherein set off of bank o/d interest is denied against interest on bank F.D.
ii) If you declare income under the head 'income from other sources' set off is not possible. Please refer supreme court decision in Dr. V.P. Gopinathan's case wherein set off of bank o/d interest is denied against interest on bank F.D.
13 June 2013
Sir i m showing my income under other sources.
I m paying interest on Bank overdraft taken from bank and also receiving interest on Unsecured loan give n to parties....
It is already been done in last year return by our tax consultants.
I also think that it is not permissible in Income tax
I m paying interest on Bank overdraft taken from bank and also receiving interest on Unsecured loan give n to parties....
It is already been done in last year return by our tax consultants.
I also think that it is not permissible in Income tax
16 June 2013
If mistakes are rectified then you will be less hurted. So, it's better, either to take the money lending license or to reduce the unsecured loans so that you will be at least get relieved from any potential liability.
.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
