My friend having trucks income u/s 44ae and he is also paying installmemts of trucks.
My query is that whether he can claim interest deduction u/s 80C as he is paying interest part in installments?
Please suggest.
No
2 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 13 July 2017
since your friend is doing business of plying trucks so his income wud be assessed under presumptive taxation so the deductions relating to the expense incurred for running the business are deemed to have been allowed and no further deduction can be availed
Recent Topics
- FIFT TO HUF - SEC 64 & SEC 54 RELATED
- Selling my 12+ years old Private Limited Company
- 5 YEAR OLD DELHI ROC COMPANY
- GST Order to pay penalty without proof of wrongdoi
- TDS Applicability on Rent to KINFRA
- Profit & Loss Statement Analysis: Gross Profit
- PAYMENT OF RCM under gst
- Tally Entry On Accounting Payables
- When to register as a representative assessee?
- LTCG immovable property sale
Related Threads
CAclubindia
