If I were to take 10 lac rupees loan from ten individuals for business purpose and promise then to pay a certain rate of interest, how do I go about reporting it to the tax authorities so that they don't ask me to pay tax on the principal amount but just on the profit that I earn after paying the interest amount?
Menu
Loan and tax reporting t
Replies (2)
Quick Summary
Nature of assesse.????
Even in a normal way, the Department is not asking to pay tax on taking loans from others. you need to create their ledgers under loans & liability. You may show interest as an expense on your books.
Recent Topics :
- TDS on property
- Company data for software
- Car purchase to be eligible for ITC
- GST Refund on payment to builder
- TDS u/s 194Q on electricity supply by DHBVN etc.
- Subject: Can I Apply for Fresh GST Registration on
- Additional place in GST RC
- Company 3 months old, INC-20A not filed, all 3 of
- How do I choose the Best GST Lawyers in New Delhi
- Loss on sale of residential flat after indexing al
Related Topics :
CAclubindia
