Allowable expenditure???

This query is : Resolved

CA. Rohit Agnihotri (Querist)
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05 June 2012 1. Whether the amount paid to contractor for construction of hotel building by partnership firm (tax audit previous year)is liable to deduct tax at source?

2. Interest paid on term loan for construction of hotel building. Can the interest paid till date of completion of hotel building be claimed as revenue expenditure or be capitalized when only few rooms have been constructed and business on only such rooms have started?

3. Whether processing charges paid to the bank is allowed as revenue expenditure?

4. Is interest on service tax allowable revenue expenditure?

Sachidanand

Sachidanand (Querist)
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05 June 2012 i have filed a tds return but the client has paid the challan for Q1, Q2, Q3 how can i file the returm

Ca Anand Dubey

Ca Anand Dubey (Expert)
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05 June 2012 @ Mr. rohit the reply is as under :-

1.tds applicable
2.The amount of interest and other expenses less income from room will be capitalised till the completion of hotel.
3.refer above reply
4.Interest will be allowed

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