10 April 2013
If a proprietor has given loan to its proprietorship firm then the interest payable on that loan by the firm is deductible in p&l a/c or not?
10 April 2013
Dear sir, I don't think that there will be any impact on tax liability because the combined income of proprietorship business and proprietor will be clubbed. There is no separate assessments for Prop. & his business. This is simply increased in capital of the Prop.firm.
CAclubindia
