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Interest paid yearly year can allowed
Any interest paid during the year but it is related to earlier years i.e.for f.y.2013-14 . then the exp is allowed in calculation of tax computation for company.
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Interest paid to Bank , Financial Institutions or NBFC etc shall be allowed as deduction ONLY when it is actually PAID (SEC 43B)
If interest paid for any govt department demand then it also allowed?
interest, fee , penalty , cess paid under income tax Act is not allowed as deduction .
Interest in nature of penalty is not allowed
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