where to show the buisness loan in itr interest amount and principal amount where to show for buisness loan
where to show the buisness loan in itr interest amount and principal amount where to show for buisness loan
Business loan under current liability schedule BS
Interest paid under Schedule P&L.
No deduction available for business loan, other than business expense...
In P&L account.
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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