Deduction of Interest on car loan
This query is : Resolved
08 February 2008
Respected members
A person running a business can claim interest on car loan as deduction of Interest on car loan from his Profit computed under Profit or Gain from Business or Profession
A person running a business can claim interest on car loan as deduction of Interest on car loan from his Profit computed under Profit or Gain from Business or Profession
08 February 2008
If the car is used wholly and exclusively for business purpose then he can claim deduction.
09 February 2008
Dear Sir
Regarding the above reply can you please provide me the relevant provision or case in the Income tax Act
Regarding the above reply can you please provide me the relevant provision or case in the Income tax Act
11 February 2008
interest on car loan is available if use in business u/s 36(iii) of the income tax act
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
