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Income tax

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(Querist)
27 July 2013 I am Individual assesse having Mfg. Business I have taken term loan from bank and paying interst on that. from state govt. i have received Interest subsidy. is it taxble in income tax? or Exempt? under Which section?
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CA Parul Saxena

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CA Parul Saxena (Expert)
27 July 2013 Yes interest received is taxable and interest paid will be eligible as business expenditure.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
27 July 2013 Int rec is not exempted and taxable as it is a revenue reciept and int paid for manufacturing business eligible for expenditure.
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