Hi,
One partnership firm had taken loan for about 30 Lakhs in 2010 for machinery. For which it is repaying about 14L as EMIs per annum.
Can this 14L repayment be exempt from income in any manner?
i.e if the firm's earning in 2011-12 was 20L. Will it have to pay tax on 20L or 6L?
CAclubindia
