OVERDRAFT INTERST IS ALLOWED AS "EXPENDITURE" UNDER THE HEAD INCOME FROM OTHER SOURCE, IRRESPECTIVE OF THE OVERDRAFT FACILITY USED (FOR EG. PURCHASE OF SHARE) ?
OVERDRAFT INTERST IS ALLOWED AS "EXPENDITURE" UNDER THE HEAD INCOME FROM OTHER SOURCE, IRRESPECTIVE OF THE OVERDRAFT FACILITY USED (FOR EG. PURCHASE OF SHARE) ?
I think no,
all the expenditure which are not wholly and exclusively for the purpose of earning of income, is not allowable as expenses
CAclubindia
