Bank interest greater than commission

Pramod Kuruvatti (136 Points)

15 August 2019

I am a commission agent since 2 yrs I am paying Bank od interest greater than my commission.. and showing loss in income tax... will I get a notice for it

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4 Replies

Kunal Mittal (FINANCE OFFICER) (574 Points)
Replied 15 August 2019

Department can ask that y are you piling up loss from 2 years every month.

Kapadia Pravin (17219 Points)
Replied 15 August 2019

OD interest is for what purpose ? it may not be allowed.

Pramod Kuruvatti (136 Points)
Replied 15 August 2019

od is for businesses reason we are like agents we sell farmers good to traders and take 2 percent commission.. traders make the payment delay so we make payment to farmers by OD