30 March 2009
I recieve int of 7 lacs against loan given to company. I also repay 10 .00 agt some loan taken by me. I have a business income of Rs 5.00 lacs also.
Can I set off excess interest paid by me on( 7 lacs recieved-10 lacs paid) against business income or any other income. In case it is not allowed can I carry forward the loss to next year.
CAclubindia
