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Section 14A disallowance--URGENT

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 May 2011 For investment made out of borrowed funds,is the interest disallowed proprtionate to the income earned or the entire amount of interest is disallowed.

For eg. Interest expended is 100
Dividend income = Rs. 20
What will be the amount of disallowed interest in this case?

Is there a case law relating to the same.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
14 May 2011 see rule 8D for ur query.
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 May 2011 what will be the amt of interest considered for calculation purpose in this case..
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
15 May 2011 iF THE ENTIRE INTEREST IS RELATED TO DIVIDEND EARNED THEN ENTIRE AMOUNT WILL BE DISALLOWED
CA MANOJ GUPTA
JODHPUR
09828510543
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
16 May 2011 Entire interest will be considered as per the formula given in the rule.
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