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Interest on drawings

Ajnas (Student) (827 Points)

22 February 2021  
Interest on drawings is claimed as business expense in the hands of partners in their itr?

 5 Replies

Sourav (Student) (23897 Points)
Replied 22 February 2021

No it should not be claimed

CA Rashmi Gandhi (Chartered Accountant) (58998 Points)
Replied 22 February 2021

No you can't.

Kapadia Pravin (17209 Points)
Replied 22 February 2021

Not allowed

Ajnas (Student) (827 Points)
Replied 22 February 2021

Is any tds on interest on drawings?

CA Rashmi Gandhi (Chartered Accountant) (58998 Points)
Replied 22 February 2021

First of all , drawing is taking out self money and you can't pay interest to yourself.

Secondly, if you don't pay interest then why TDS liability will arise.

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