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
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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
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