The Finance Act, 2023 introduced Clause (h) under Section 43B of the Income Tax Act, which disallows deduction for payments due to Micro and Small Enterprises (MSEs) if not made within the prescribed ...
ITAT Surat held that interest paid in respect of business profit attributable to section 80P (2) of the Income Tax Act is allowable. Accordingly, AO directed to consider direct nexus of interest paid ...
The company expressed confidence in its position, stating that it has strong grounds to challenge the order and is taking ...
Swiggy said it has a strong case on merits and will be filing an appeal against the order before the appropriate authority.
Since you haven't yet paid taxes on the interest income you report on your tax return, you'll owe money to the IRS if the taxes due outweigh the amount of taxes you paid throughout the tax year.
However, this rule is subject to certain exceptions. One can claim income tax benefits on interest paid when the personal loan proceeds are used for any of the following purposes. I. For ...