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Jewel loan

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11 April 2014 Interest paid on Jewel loan borrowed for business capital.

Can be that interest accounted in business books as interest paid?

Whether it is allowed under Income Tax Act?

11 April 2014 In general Jewel loan seems to personal loans so interest on that loans not allowed as expenditure.

In case if you can prove that jewel loan amount utilised for the purpose of business use then you can claim that interest paid as expenditure and shall allowed under income tax act, So allowable or not is depending in your hands as producing of evidence by you.

OM SAI SRI SAI JAI JAI SAI

02 October 2021 If the loan is taken for business purpose, the interest paid over it is deductible as expenditure.




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