Dear Sir/Madam
Whether penal Interest levied by the listed bank on the loan borrowed by the company is taxable or not?
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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 | ||
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Dear Sir/Madam Whether penal Interest levied by the listed bank on the loan borrowed by the company is taxable or not? |
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