Hi.
we had availed some unsecured loan from corporate entity for business purpose and utilized the funds in our business, we had provided interest to our lender and we had deducted TDS and deposited the same, but we didn't pay interest amount to lender as company don't have sufficient funds.
My query is whether it will be allowed for deduction under income tax act, as we had only provided interest but not remit to the lender.
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Interest deduction u/s 36(1)(iii)
Replies (3)
Under 43B interest provided will be disallowed. Will be allowed in the year when paid
but we didn't availed loan from bank or financial institution, we had availed loan from private company
I think if it's private loan then interest is allowable
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