thomas ltd of australia borrowed money from various co. in australia for doing business in India by name ANS CO LTD.,mumbai
Thomas inc paid interest of rs 500 lakhs (converted) to various lenders
the amount of interest paid:
a. has accrued in india
b. is exempt
c. does not accrue in india
d. taxable in australia
Deemed accrued in India, because the money has been used for business in India.
CAclubindia
