Whether deductable expenditure as per income tax act,1961
This query is : Resolved
25 February 2013
guarantee given by Government of Maharashtra for issuing bond (debt)
against the same guarantee commission payable to Government of Maharashtra, subsequently same is paid by issuing equity shares. whether above expenditure is deductible or not as per Income Tax Act, 1961, if not give reason
against the same guarantee commission payable to Government of Maharashtra, subsequently same is paid by issuing equity shares. whether above expenditure is deductible or not as per Income Tax Act, 1961, if not give reason
26 February 2013
In case the proceeds received from Bonds has been utilised for the purpose of a running business activity it can be claimed as deduction. In case the proceeds are being utilised for a project under completion the expenditure may be capitalised.
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