25 August 2015
I HAVE AN INCOME ie. INTEREST FROM UNSECURED LOAN AND ALSO AN EXPENSES ie. INTEREST PAID ON LOAN TAKEN FROM LIC. SO MY QUESTION IS, CAN I SET OFF SAID EXPENSES WITH INTEREST INCOME. FURTHER I WANT TO CHARGE THE SAID INCOME UNDER THE HEAD OF OTHER SOURCES. IF NOT THEN PLEASE PROVIDE ALTERNATE PLANING FOR SAVING MY TAX.
25 August 2015
If the loan taken from LIC is utilized for giving unsecured loan interest paid can be claimed. The interest received from unsecured loan is a business income.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
26 August 2015
Actually i want file ITR 4S(SUGAM) BECAUSE THERE IS OTHER MAIN BUSINESS OF TEXTILE ON WHICH I WANT TO FILE RETURN UNDER PRESUMPTIVE TAXATION SCHEME. SO, PLEASE GUIDE ME CAN I FILE RETURN OF BOTH BUSINESS IN ITR-4S. IF YES, THEN PLEASE EXPLAIN ME. THE PROBLEM BEHIND FILING ITR-4S IS THAT WHEN I AM FILLING THE FORM THERE IS OPTION FOR TOTAL TURN OVER AND HOW CAN I MANAGE TURN OVER OF BUSINESS ALONG WITH INTEREST INCOME OF UNSECURED LOAN.