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Taxability of income from capital received by a proprietor
if a proprietor received interest income on capital. Is this income allowed or disallowed as per income tax act. if disallowed what is sec please tall me. thankyou
Replies (5)
In case of sole proprietorship, proprietor is not having any different identity, so how would it be treated as income on capital
You can't pay interest to yourself. so you can't claim deduction for interest from your profits
Interest on capital of proprietor is not expenditure but it's appropriation of profit.
The question of it's Allowance as expenditure does not arise
The question of it's Allowance as expenditure does not arise
Thankyou sir but under which sec it is not allowed as expenditure to the propreitorship please tell me sir
There is no need of any section for your query.
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