where to show the buisness loan in itr interest amount and principal amount where to show for buisness loan
8 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183108 Points)
Replied 07 August 2019
Business loan under current liability schedule BS
Interest paid under Schedule P&L.
online computer education
(28 Points)
Replied 07 August 2019
WHERE TO SHOW THE DEDUCTION CLAIM OF INTEREST UNDER BUISNESS LOAN .
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183108 Points)
Replied 07 August 2019
No deduction available for business loan, other than business expense...
online computer education
(28 Points)
Replied 07 August 2019
but I pay interest on buisness loan which is my expense then where to show itr
Kapadia Pravin
(17264 Points)
Replied 07 August 2019
if under tax audit then TDS deduction must on interest payment
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 20 September 2019
1. A business loan will be shown under BS and interest paid in relation to such loan will be under your P&L schedule in ITR.
2. If you are claiming interest as expenses then it should have actually been paid during the year in order to claim the same as business expenses (sec 43B).
Please correct me if the above solution has an alternative view.
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