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Section 40a(3)

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(Querist)
01 May 2013 SIR,
if a person has made a payment to one of my creditor on my behalf from his bank account,i.e. Rs. 500000 then such expenses will be disallowed

Thanks in advance
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CA Dhaval Patel

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CA Dhaval Patel (Expert)
01 May 2013 1st of all, the repayment to creditor itself is not an expense so there is no point in claiming its deduction.

Now, if the creditor you paid is paid for borrowed fund, then it will be considered as deemed income. Otherwise, you dont need to worry about it.

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