Hiee,,
Can Partnership firm give interest @ 42%P.A. on unsecured loan taken from unrelated party is allowed as expenses.
If not plz suggest me section under which it is disallowed.
2 Replies
N MANIKANTA REDDY
(PRACTICING CA)
(59 Points)
Replied 06 August 2020
Please refer 40(b)(iv) of incometax act which will speak about disallowance of interest paid above 12% p.a.
gautam kathiriya
(student)
(39 Points)
Replied 06 August 2020
Dear N M Reddy,
Section 40(b)(iv) is related to Interest to partner. My query is interest paid on unsecured loan taken from other party
Section 40(b)(iv) is related to Interest to partner. My query is interest paid on unsecured loan taken from other party
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