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Car loan processing fees- company 'income tax' perspective
A Company has taken a car on loan for which loan processing fees were paid. Whether such expense is allowable under Income Tax Act as an Expense or it is to be deducted from the amount of loan or any other treatment needs to be given from Income Tax Perspective?
Urgent
Replies (2)
it needs to be capitalized to the cost of the car as it is a expense incurred in connection with bringing the car
Ok Thanks Mr. Girishar
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