Section 40a(3)
This query is : Resolved
Dixit Setia
(Querist)
01 May 2013
SIR,
if a person has made a payment to one of my creditor on my behalf from his bank account,i.e. Rs. 500000 then such expenses will be disallowed
Thanks in advance
if a person has made a payment to one of my creditor on my behalf from his bank account,i.e. Rs. 500000 then such expenses will be disallowed
Thanks in advance
CA Dhaval Patel
(Expert)
01 May 2013
1st of all, the repayment to creditor itself is not an expense so there is no point in claiming its deduction.
Now, if the creditor you paid is paid for borrowed fund, then it will be considered as deemed income. Otherwise, you dont need to worry about it.
Now, if the creditor you paid is paid for borrowed fund, then it will be considered as deemed income. Otherwise, you dont need to worry about it.
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