Section 36(1)(iii)
This query is : Resolved
19 March 2015
Do the words u/s 36(1)(iii) "the amount of the interest PAID in respect of capital borrowed" includes interest payable if assessee follows mercantile system & has not paid the interest due before due date of filing return & also does not attract disallowance u/s 43B since the loan is borrowed from a NBFC. In simple words will deduction be available in respect of such interest even if unpaid, and if disallowed then under which section.
20 March 2015
THIS IS ALLOWABLE UNDER INCOME TAX ACT.
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21 March 2015
it is allowed dear...!!!!!
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21 March 2015
yes, please see the case law in this respect.
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