Solution on tax payable
This query is : Resolved
09 January 2012
Dear sir/madam
I worked as propriter in one of my concern covered under tax audit in a.y.2011-12.this was discontinue during current year. there was a loss in last year audit.during current period loan was still outstanding from discontinue budiness on which interest is payable.I have also received interest income from lone given out of discontinue business.
whether it is possibls to setoff this interest against each other and to pay tax on net interest income.
I worked as propriter in one of my concern covered under tax audit in a.y.2011-12.this was discontinue during current year. there was a loss in last year audit.during current period loan was still outstanding from discontinue budiness on which interest is payable.I have also received interest income from lone given out of discontinue business.
whether it is possibls to setoff this interest against each other and to pay tax on net interest income.
09 January 2012
You can set off the current year's Interest expenses against Interest Income.
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