Whether Interest accured to LIC of India and Paid after 31.03.2013 shoule be reported u/s 43B in tax audit report.
4 Replies
CA Suryakant Sharma
(CA Job)
(30 Points)
Replied 10 June 2013
Interest on LIC loan fall in
1. any sum payable by the assessee as interest on any loan or borrowing from any public financial institution or a State financial corporation or a State industrial investment corporation, in accordance with the terms and conditions of the agreement governing such loan or borrowing;
therefore interest will be allowed in year in whisch it is paid and therefore it is to be reported in the tax audit report.
CA Suryakant Sharma
(CA Job)
(30 Points)
Replied 10 June 2013
Interest on LIC loan fall in
1. any sum payable by the assessee as interest on any loan or borrowing from any public financial institution or a State financial corporation or a State industrial investment corporation, in accordance with the terms and conditions of the agreement governing such loan or borrowing;
therefore interest will be allowed in year in whisch it is paid and therefore it is to be reported in the tax audit report.
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 10 June 2013
Its allowable na as per section 43b if it is paid on or before due date of filling IT Return.
R S B
(C.A FINAL)
(91 Points)
Replied 13 June 2013
yes it is allowable if interest amount is paid before the on or before the due date of filing the return.
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