Interest on shop loan

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08 April 2014 Is Interest On Shop Loan Deducted From Total Income

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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08 April 2014 Yes Expense is deductible.

But Kindly note that the expenses are deducted and claimed by the one who are covered by Tax Audit & those who are not required to file the return on the basis of presumptive income.

but if you are covered by presumptive income clause then you have no option of claiming any particular expenses

you have to directly declare Income @ 8% of turnover.