Interest earned on loans and advances is 500000
Interest paid on unsecured loan is 300000.
Is tax to be paid on 500000 or 200000?
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interest on loan paid allowable please reply
Replies (2)
As per Your query Your Gross Receipt Rs 5,00,000
Net Income Rs 2lakhs....
Taxable income Rs 2lakhs..
No need Pay Tax on Above
Net Income Rs 2lakhs....
Taxable income Rs 2lakhs..
No need Pay Tax on Above
both will be allowed if there is not anything other than this then taxable income is 200000. for taxability depend on type of person.
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