INTEREST PAID TO STANDARD CHARTERED BANK - whether eligible for allowable exps as it is not scheduled bank...
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Please advise
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As per section 37 (1) The amount of interest paid are allowable if interest pertain to wholly and exclusively for the purpose of business. Interest is allowable for schedule and un-scheudule banks, infact loan may be borrowed from indiviudal, company etc
Shceduled and non shceduled bank is not a criteria to decide about allowability of interest.
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