i am proprietor of a small business with term loan from nationalised bank.according to bank i am eligible for excemption of tax for interest paid.in efiling under which section i can claim this?
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Term loan interest
Replies (2)
u/s 36(1)(iii) of income tax act, you can google it for more details about it
file you return in form ITR 4, maintain books of a/cs, claim intrest paid on loan as expense u/s 36(1)(III)
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