Waiver of loan interest
This query is : Resolved
27 December 2016
Sir,
If interest on loan used for trading purpose waived which is credited to profit and loss account to be treated as business income? What amount should be taxed if such interest have been disallowed in the earlier years under Section 43B?
If interest on loan used for trading purpose waived which is credited to profit and loss account to be treated as business income? What amount should be taxed if such interest have been disallowed in the earlier years under Section 43B?
28 December 2016
The amount of interest waived will be taxable in the year in which it was waived. However if the interest has been disallowed u/s 43B in the earlier years then the amount already disallowed will not be taxable and the remaining amount will be taxable .
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