Personal loan taken
This query is : Resolved
04 August 2020
An individual takes personal loan , also having proprietorship business under audit ,
the amount of loan taken in personal account is transferred to his prop business
1.Tds should be deducted on interest ?
2.can this be termed as business expense?
the amount of loan taken in personal account is transferred to his prop business
1.Tds should be deducted on interest ?
2.can this be termed as business expense?
04 August 2020
Yes TDS is to be deducted if the personal loan is not taken from Bank or NBFC or Financial Institutions.
Yes You claim this Interest Expenditure as business Expenses.
Yes You claim this Interest Expenditure as business Expenses.
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