Treatment of interest paid by individual
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2012
I HAVE TAKEN LOAN FROM BANK & INVESTED THE SAME IN PARTNERSHIP FIRM.FOR A.Y 2012-13 I HAVE FOLLOWING INCOME
INCOME U/S 44AD = 198750
INTEREST/SALARY REC.
FROM PARTNERSHIP = 944120
FIRM
INTEREST PAID TO BANK = 1105467
I DON'T MAINTAIN ANY BOOKS OF ACCOUNT PLEASE TELL ME ITS TREATMENT & WHERE TO DISCLOSE BANK INTEREST IN ITR4
INCOME U/S 44AD = 198750
INTEREST/SALARY REC.
FROM PARTNERSHIP = 944120
FIRM
INTEREST PAID TO BANK = 1105467
I DON'T MAINTAIN ANY BOOKS OF ACCOUNT PLEASE TELL ME ITS TREATMENT & WHERE TO DISCLOSE BANK INTEREST IN ITR4
29 December 2012
Hello,
You can claim Interest paid by you as business expenses under the head Business & Professional Income from income earned as Interest on capital and remuneration.
Regards,
Neha Chauhan
You can claim Interest paid by you as business expenses under the head Business & Professional Income from income earned as Interest on capital and remuneration.
Regards,
Neha Chauhan
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