Section 43 b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 May 2013
Interest on Cash credit account will be covered under section 43 B or not ? Why ?
My query arised because if bank charges interest on Cash credit then my loan amount increases and my balancing drawing pewer reduces and reduction in balancing drawing power does not mean repayment of interest.
My query arised because if bank charges interest on Cash credit then my loan amount increases and my balancing drawing pewer reduces and reduction in balancing drawing power does not mean repayment of interest.
Deepak Agrawal
(Expert)
10 May 2013
If the payment is not made in accordance with the terms and conditions of the Loan/CC agreement entered with Bank, then such payment cannot be allowed/or allowed to the extent it is paid during the relevant year u/s. 43B.
Thus your case is covered u/s. 43B.
Thus your case is covered u/s. 43B.
Message likes :
1 times
Guest
Guest
(Expert)
11 May 2013
As per Section 43B(e)
any sum payable by the assessee as interest on any [loan or advances] from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan [or advances]
Hence your case is covered under Section 43B.
Deepak is right
any sum payable by the assessee as interest on any [loan or advances] from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan [or advances]
Hence your case is covered under Section 43B.
Deepak is right
Message likes :
1 times
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
- Tax on Amount transferred in HUF Account
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- GSTR-9C filing
- GST input credit on commercial property
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
