Taxability of interest income.
Dear Sir,
One of my client have interest income only means interest on loans given to parties.
1. Whether he is allowed interest expense on loan or temporary money borrowed??
2. Which other expenses are allowed to him??
Thanks.....
Replies (2)
It seems your client is into the business of giving loans. If this is the case, he needs to file ITR showing interest income as income from business and profession. He will also get deduction of interest expense against income.
Thank You Vineet Goyal....
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