interest on PL

1781 views
User Avatar

TAX CONSULTANT
47 Points Posted on 11 October 2007

Can interest charged on personal loan be claim in income tax. loan is utilised for sole proprietorship business purpose and reflect in balance sheet of the co.



whether the same can be considered under section 37 of income tax for deduction

pls. reply at the earliest.


Regards


Abdul Rauf

Reply Share Follow Topic
On 11 October 2007 at 12:01 Report
Replies (11)
User Avatar

financial planner
24 Points Posted on 11 October 2007
yes it can be claimed in the income tax by way of expenses
Reply
On 11 October 2007 at 12:04
User Avatar

financial planner
24 Points Posted on 11 October 2007
yes it can be claimed in the income tax by way of expenses
Reply
On 11 October 2007 at 12:04
User Avatar

SERVICE
31 Points Posted on 11 October 2007
yes it can be claimed as business expense.
Reply
On 11 October 2007 at 14:58
User Avatar

Chartered Accountant
4285 Points Posted on 11 October 2007
Dear RAUF M. SAYYED ! It is an allowable expenditure. If the interest is charged on proprietor's capital account it will be disallowed..!!
Reply
On 11 October 2007 at 16:05
User Avatar

Guest

Posted on 10 November 2007
IF THE ASESSEE RECEIVED TDS CERTIFICATE AFTER THE FILLING OF INCOME TAX RETURNS THAN HOW CAN BE CLAIMED SUCH TDS ?
Reply
On 10 November 2007 at 22:04
User Avatar

Guest

Posted on 10 November 2007
IF THE ASESSEE RECEIVED TDS CERTIFICATE AFTER THE FILLING OF INCOME TAX RETURNS THAN HOW CAN BE CLAIMED SUCH TDS ?
Reply
On 10 November 2007 at 22:06
User Avatar

Guest

Posted on 10 November 2007
IF THE ASESSEE RECEIVED TDS CERTIFICATE AFTER THE FILLING OF INCOME TAX RETURNS THAN HOW CAN BE CLAIMED SUCH TDS ?
Reply
On 10 November 2007 at 22:07
User Avatar

Chartered Accountant
4285 Points Posted on 11 November 2007
Dear amitgoel ! Assuming that you have filed the return of income with in the time prescribed, file revised return.
Reply
On 11 November 2007 at 08:40
User Avatar

Chartered Accountant
1636 Points Posted on 11 November 2007
yes ...this is allowable expenditure under Income Tax
Reply
On 11 November 2007 at 10:25
User Avatar

Chartered Accountant
1184 Points Posted on 11 November 2007
If such loan is taken for business purpose it will be allowed as deduction in computing income from business & profession u/s 36(1)
Reply
On 11 November 2007 at 19:38
User Avatar

Chartered Accountant
117 Points Posted on 12 November 2007
It is allowable Expenditure as it is for business purpose.
Reply
On 12 November 2007 at 18:46

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Clarification on September 2026 PF Calculation for
  2. DRC-03 interest paid under CGST/SGST instead of IG
  3. GSTR1 amendment Bulk bills
  4. Capital Gain on Sale of Gold
  5. GST SALES RETURN MISSING 2025-26 FY
  6. Enquiry on FAST-DS system generated email
  7. Capital gain on sale of agriculture land
  8. Demand from TRACES
  9. FY 2025-26 ITC CLAIM DUE DATE
  10. 96084000 and 48202000 HSN code ka Tax Rate kya hai

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details