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 Topic
- GTA Annexure V Non Compliance
- Calculation of Demand due to interest u/s 220(2)
- Legal profession business code in section 44ADA
- Whether Indexed Capital Loss Can Be Claimed Under
- Form 145 and 146 Foreign Remittance in Excel Forma
- E invoice missed out/not generated for FY2025-26
- Can a broker's software legally override actual po
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
- GST registration
Related Topics
CAclubindia
