INTEREST PAID TO STANDARD CHARTERED BANK - whether eligible for allowable exps as it is not scheduled bank...
INTEREST PAID TO STANDARD CHARTERED BANK - whether eligible for allowable exps as it is not scheduled bank...
As per section 37 (1) The amount of interest paid are allowable if interest pertain to wholly and exclusively for the purpose of business. Interest is allowable for schedule and un-scheudule banks, infact loan may be borrowed from indiviudal, company etc
Shceduled and non shceduled bank is not a criteria to decide about allowability of interest.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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