where to show the buisness loan in itr interest amount and principal amount where to show for buisness loan
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Business loan
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Business loan under current liability schedule BS
Interest paid under Schedule P&L.
WHERE TO SHOW THE DEDUCTION CLAIM OF INTEREST UNDER BUISNESS LOAN .
No deduction available for business loan, other than business expense...
but I pay interest on buisness loan which is my expense then where to show itr
In P&L account.
if under tax audit then TDS deduction must on interest payment
good clarification and information
1. A business loan will be shown under BS and interest paid in relation to such loan will be under your P&L schedule in ITR.
2. If you are claiming interest as expenses then it should have actually been paid during the year in order to claim the same as business expenses (sec 43B).
Please correct me if the above solution has an alternative view.
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