Secition 43 b of income tax
ravi
(Querist) 10 May 2013
This query is : Resolved
Interest on Cash credit account will be covered under section 43 B or not ? Why ?
My query arised because if bank charges interest on Cash credit then my loan amount increases and my balancing drawing pewer reduces and reduction in balancing drawing power does not mean repayment of interest.
Rajendra K Goyal
(Expert) 10 May 2013
Seems to be an Academic quarry:
In Cash Credit Account the interest is supposed to be paid on the date of application if it is with in drawing power and the total credit in the account is more than the interest applied. The interest is not funded separately. However,
vide Circular No 7/2006 dated 07-07- 2006 by Finance Act 2006 inserting therein two clarificatory Explanations namely; ExplanaÂtion 3C and Explanation 3D the contents in simple words are as follow:
-If any sum payable by an assessee as interest on any loan is converted by the financial instiÂtution into a fresh loan, the interest so converted and not actually paid‘, shall not be deemed as actually payment‘
The converted interest (Funded Interest Term Loan - FITL) in wake of its conversion into a loan, will be eligible for deÂduction in the computation of income of the previous year in which the converted interest is actually paid‘.(ref from net)
Guest
(Expert) 10 December 2014
Well Advised
Anirudh
(Expert) 10 December 2014
SHAME ON THIS FELLOW TO ATTEND THIS ONE YEAR OLD QUERY.
HE IS TRYING ALL THESE GIMMICS TO HIDE HIS FALSE AND FRADULENT PROFILE.
This fellow cannot even be a last person one can consult for any advice.
This fellow is good for nothing. Many a times he gives advices which are not supported by law.
TAKE THIS FELLOWS FALSITY IN HIS PROFILE. THIS FELLOW ATTACHES MORE IMPORTANCE TO THE PROFILE, WHILE HE IS FILLING UP TOTAL FALSE HOOD IN HIS PROFILE.
please visit the following link:
http://www.lawyersclubindia.com/lawyers_search/N-J-S-Rajkumar-alias-narasimha-254519.asp#.VIcRwmeHPFx
where he claims that he is practising from 2001, while as already indicated by me, he was enrolled only in the year 2012!!! CAN ANYBODY PRACTICE BEFORE ENROLMENT? IF ONE DOES SUCH A PRACTICE IS HE NOT FIT TO BE CALLED A "FRAUD"?
N.J.S.Rajkumar alias narasimha's Details
Listed Under
Business Law
Civil Law
Criminal Law
Practicing Since
2001
Specialization
SEBI and SEBI RELATED CASES
Court
Others
Address
54,PARASURAMA EASWARAN KOIL WEST MADA STREET,AYANAVARAM,CHENNAI 600023
Other Details
rajkumar_wins@rediffmail.com 9444036927
Therefore, before taking advice, the querist should be too careful
