Interest on loan taken
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 April 2015
interest on loan taken for business purpose from bank or financial institutions whether interest must pay before filing of ITR. for not Levy section 43B section as per income tax.
26 April 2015
Yes, interest will be allowed as an expenditure only when it is paid up to the due date of return filing or before filing the return, which ever is earlier.
.
.
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 April 2015
but if loan taken from NON financial institutions whether section 43 B apply.
26 April 2015
Any interest payable to FI and Scheduled Banks as prescribed U/s 43b(d)&(e) can be disallowed.
.
Except these, if interest is payable to other parties , Section 43B is not applicable and as such interest is allowable.
.
Except these, if interest is payable to other parties , Section 43B is not applicable and as such interest is allowable.
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