04 August 2014
I the proprioter of audited firm I have taken unsecured loan of 5,00,000 rupees. during the year I have paid the interest but not any amount towards principal amount the interest amount is 50,000 So my equerry is whether this interest payment is considered as repayment of loan under 269 T as repayment of loan
05 August 2014
agreed with Tushar. please refer to CBDT clarification on this issue through circular No. 479 [F. No. 225/47/86-IT(A.II)], dated 16-1-1987.
CAclubindia
