Income rax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2013
weather it is necessary to pay interest on unsecured loan...?
If yes, then under which section
If yes, then under which section
06 June 2013
There is no specific section to require payment of interest on loans. Generally interest free loans can be viewed as unaccounted income during scrutiny. On a safer side, it is advisable to charge interest. It can be covered under general deduction u/s 37.
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