21 June 2021
Experts one is a Director of the company and he has availed loan agaisnt fixed deposits with Bank and has given loan for one year period to a company for its working capital purposes in which he is a director of the company and term of loan includes fixed interest rate and also 1% share in Net Profit a. in the books of the company , the loan amount is treated as Short Tem or Current liability b. whether the director can claim interest paid on OD against FD as expenses in PL a/c since used for business purposes experts please clarrify
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