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Where to show interest expense in itr

Ankush (Student) (1364 Points)

11 October 2019

please clarify the same

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4 Replies

Jayesh Kumar (24 Points)
Replied 11 October 2019

If is in connection with business and profession show in head INCOME FROM BUSINESS AND PROFESSION. Any other interest expense(other than bank interest) shall be shown in head INCOME FROM OTHER SOURCE

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Priya Kashyap (Student) (7053 Points)
Replied 11 October 2019

Deduction available for expenses like commission

CA Dhruva Kalamanji (Chartered Accountant ) (1996 Points)
Replied 11 October 2019

Int expense are financial expense and to be shown under respective financial charges head

Kapadia Pravin (17259 Points)
Replied 17 October 2019

@ Ankush
what type of interest expense against what type of loan and what type of income generated out of that loan

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