interest on PL

1663 views 11 replies
User Avatar

TAX CONSULTANT
62 Points Joined June 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
On 11 October 2007 at 12:01 Report
Replies (11)
User Avatar

financial planner
16 Points Joined August 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
16 Points Joined August 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
48 Points Joined October 2007
yes it can be claimed as business expense.
Reply
On 11 October 2007 at 14:58
User Avatar

Chartered Accountant
3847 Points Joined May 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
457605 Points Joined August 2012
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
457605 Points Joined August 2012
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
457605 Points Joined August 2012
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
3847 Points Joined May 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
1974 Points Joined March 2007
yes ...this is allowable expenditure under Income Tax
Reply
On 11 November 2007 at 10:25
User Avatar

Chartered Accountant
691 Points Joined September 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
152 Points Joined October 2007
It is allowable Expenditure as it is for business purpose.
Reply
On 12 November 2007 at 18:46

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details