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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2010 My company has taken a loan in F.Y 08-09 and repaid the same in the same F.Y. But accountant has provided interest in the F.Y 09-10 pls tell me wat will be the consequenses
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
03 August 2010 Interest provided in fy 2009-10 is prior period expense, it will be add back at the time compuatation of tax , i.e it is disallowed.
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
03 August 2010 Agreed with Mr. bansal.
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