Section 43b
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 March 2013
Intt. on term loan is allowed only when actually paid. But if the agreement of loan provides that intt will be paid in the next F.Y. and we hav to account for it because we are maintaining accounts on mercantile basis. i wnt to whether intt will nw be allowed because we can not pay intt as per the terms of agreement.
plz reply alongwith recommend links so that i cn attach proof.
plz reply alongwith recommend links so that i cn attach proof.
CA Suraj Lakhotia
(Expert)
11 March 2013
Clause (d) and (e) use the words "any sum payable...."
A plain reading of this section makes it clear that only those amounts would be disallowed which are payable but not paid.
If interest is not payable because it is not due, it will be out of purview of section 43B.
Waiting for other expert's comments
A plain reading of this section makes it clear that only those amounts would be disallowed which are payable but not paid.
If interest is not payable because it is not due, it will be out of purview of section 43B.
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