INTEREST INCOME GIVEN BY PROPRIETOR
This query is : Resolved
16 February 2021
Dear All
I would like to know whether a Proprietor can waive the Interest Income which was paid by him for past years. The income is not paid in one financial year 2020-2021 due to covid-19. Is there any implications wit regard to Income Tax Act?
If cannot be waived, can it be reduced?
I would like to know whether a Proprietor can waive the Interest Income which was paid by him for past years. The income is not paid in one financial year 2020-2021 due to covid-19. Is there any implications wit regard to Income Tax Act?
If cannot be waived, can it be reduced?
16 February 2021
Your query is not clear. How can it be income when he has to pay it?
17 February 2021
Sir,
I was referring Interest as Income from the person who is receiving it. Let me clarify, me being a proprietor is paying Interest to my friend for a loan he has given to my concern for the past 4 years. Suddenly in 2020-2021, Iam unable to pay the same due to losses. I was asking is there any problem for not paying such interest for a year? Whether Income tax implications are there for not paying?
I was referring Interest as Income from the person who is receiving it. Let me clarify, me being a proprietor is paying Interest to my friend for a loan he has given to my concern for the past 4 years. Suddenly in 2020-2021, Iam unable to pay the same due to losses. I was asking is there any problem for not paying such interest for a year? Whether Income tax implications are there for not paying?
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