Commission paid for obtaining bank loan
This query is : Resolved
02 August 2010
Hi,
Is the commission paid by the company/any other to consultants( like CA) or other mediators while obtaining bank loan is allowable u/s 37(1) of incometax Act? or this expenditure is a nature of offence /prohibited under law?
solve my doubt with proper reason.
thanks & regards
Keep smiling
Is the commission paid by the company/any other to consultants( like CA) or other mediators while obtaining bank loan is allowable u/s 37(1) of incometax Act? or this expenditure is a nature of offence /prohibited under law?
solve my doubt with proper reason.
thanks & regards
Keep smiling
02 August 2010
It is an allowable expenses as it is paid for obtaining loan which is to be used for business purpose. Hence allowable.
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02 August 2010
Agree with expert. Payment of commission is not prohibited by law.
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