My friend having trucks income u/s 44ae and he is also paying installmemts of trucks.
My query is that whether he can claim interest deduction u/s 80C as he is paying interest part in installments?
Please suggest.
Menu
Interest paid on four wheeler trucks.
Replies (2)
No
since your friend is doing business of plying trucks so his income wud be assessed under presumptive taxation so the deductions relating to the expense incurred for running the business are deemed to have been allowed and no further deduction can be availed
Recent Topics :
- 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
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
