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interest on PL

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TAX CONSULTANT
62 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

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On 11 October 2007 at 12:01 Report
Replies (11)
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financial planner
16 Points Posted on 11 October 2007
yes it can be claimed in the income tax by way of expenses
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On 11 October 2007 at 12:04
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financial planner
16 Points Posted on 11 October 2007
yes it can be claimed in the income tax by way of expenses
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On 11 October 2007 at 12:04
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SERVICE
48 Points Posted on 11 October 2007
yes it can be claimed as business expense.
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On 11 October 2007 at 14:58
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Chartered Accountant
3847 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..!!
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On 11 October 2007 at 16:05
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Guest
460655 Points 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 ?
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On 10 November 2007 at 22:04
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460655 Points 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 ?
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On 10 November 2007 at 22:06
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Guest
460655 Points 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 ?
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On 10 November 2007 at 22:07
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Chartered Accountant
3847 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.
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On 11 November 2007 at 08:40
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Chartered Accountant
1974 Points Posted on 11 November 2007
yes ...this is allowable expenditure under Income Tax
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On 11 November 2007 at 10:25
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Chartered Accountant
691 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)
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On 11 November 2007 at 19:38
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Chartered Accountant
152 Points Posted on 12 November 2007
It is allowable Expenditure as it is for business purpose.
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On 12 November 2007 at 18:46


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