Hi..
ABC Ltd company availed some unsecured loan for procurement of inventory, and ABC limited made provision for interest payable on that unsecured loan but company did not pay interest till date, my query is whether interest will be allowed as deduction or not? if not what will be the due date of payment for interest? please share your answer with quoting language of the act
Menu
Interest on Unsecured Loan
Replies (3)
Company should not accept deposits from public.... Banning of Deposits from unregulated persons...
Sir, my query is related to income tax act
interest payable is not allowed as deduction.
Due date is as per terms and conditions of borrowing money.
please refer section 43B of ITax Act
Due date is as per terms and conditions of borrowing money.
please refer section 43B of ITax Act
Recent Topics :
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
Related Topics :
CAclubindia
