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
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.
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