Interest debited p & l account
This query is : Open
17 October 2016
Sir
my client is took loan from financial institutions, the loan amount is used in his busienss, he paying EMI through ECS , the interest is debited p & l account, it is correct or not. please advise me
my client is took loan from financial institutions, the loan amount is used in his busienss, he paying EMI through ECS , the interest is debited p & l account, it is correct or not. please advise me
17 October 2016
if loan is taken as business loan and taken benefits in your business then you can claim interest as business expense.
17 October 2016
yes int. on loan taken for business is allowed as exp.
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