Whether income or expenses allowed in pgbp for co.
This query is : Resolved
18 January 2014
Whether interest recived from income tax department by an Indian co. is a business income or not. And interest on loan taken for payment of income tax is a business expenses or not. PLEASE REPLY AS SOON AS POSSIBLE
19 January 2014
interest received on tax refund is taxed under income from other sources..
with regards to loan for tax payment, I would say it is very arguable that the borrowed funds are mixed with general funds of the entity, so it should be allowed as a business expense.
with regards to loan for tax payment, I would say it is very arguable that the borrowed funds are mixed with general funds of the entity, so it should be allowed as a business expense.
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