Dear Sir/Madam
Whether penal Interest levied by the listed bank on the loan borrowed by the company is taxable or not?
Menu
Penal interest
Replies (4)
Yes it is...becouse it is income for bank..and allowable expenditure for company
Under which section can we get the deduction?
Rajkumar D,
For a bank it is a normal income.
For a company it is a general expenses. (not specific deduction) , so allowed under general provisions.
For a bank it is a normal income.
For a company it is a general expenses. (not specific deduction) , so allowed under general provisions.
| Originally posted by : RAJKUMAR D | ||
 |
Dear Sir/Madam Whether penal Interest levied by the listed bank on the loan borrowed by the company is taxable or not? |
 |
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
