Interest liability in PY18-19= 2,00,000
Above interest is paid on 4th June 2020.
Will this interest be allowed as exp and in which PY?
4 Replies
Giridhar S Karandikar
(Team Lead)
(7553 Points)
Replied 21 May 2019
yes for ay 2919-20 relevant to py 31.03.19
Vedant Khanna
(374 Points)
Replied 21 May 2019
Shouldn't this exp be disallowed for AY 2019-20
Since its not paid within 31st July 2019?
Would it be allowed in AY19-20?
Since its not paid within 31st July 2019?
Would it be allowed in AY19-20?
Moneesh Nair
(0)
(609 Points)
Replied 21 May 2019
as the payment will be made after the due date of filing the return, the interest expense will be disallowed in a.y 2019-2020 and will be allowed in the p.y in which actual payment is made i.e p.y 2020-2021 A.y 2021-2022
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