K P BHANUSHALI (PROPRIETOR) (540 Points)
02 September 2011Friends,
If proprietor withdraws Interest on His Capital in the proprietory concern then what will be the position as far as Income Tax is concerned?
Thanks & regards
VIJAYKUMAR
(CHARTERED ACCOUNTANT)
(203 Points)
Replied 02 September 2011
The interest will be disallowed under income tax act.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 02 September 2011
interest from proprietor's own business :) what is the purpose?
he will have to add the same again in net profit back at the time of filing the return.
CAclubindia
