Income tax
This query is : Resolved
27 July 2013
I am Individual assesse having Mfg. Business I have taken term loan from bank and paying interst on that. from state govt. i have received Interest subsidy. is it taxble in income tax? or Exempt? under Which section?
27 July 2013
Yes interest received is taxable and interest paid will be eligible as business expenditure.
27 July 2013
Int rec is not exempted and taxable as it is a revenue reciept and int paid for manufacturing business eligible for expenditure.
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