1
if assest is used 180 less than then take dep is 50% & more than 180 days then take full percentage of deprication as per the income tax rule
From India, Mumbai
From India, Mumbai
if assest is used 180 less than then take dep is 50% & more than 180 days then take full percentage of deprication as per the income tax rule
From India, Mumbai
From India, Mumbai
COMMONLY USED DEDUCTIONS FROM PROFIT EARNED DURING THE PREVIOUS YEAR
Rent rates repairs and insurance for buildings
Actual amount spent. In case the assessee owns the building, no deduction is allowed on account of notional rent.
Repairs and insurance of machinery, plant and furniture
All actual current expenditure is allowed as deduction. In case the expenditure creates and advantage of an enduring nature or creates a new capital asset, the expenditure is of capital nature and depreciation on the new asset created is allowed.
Depreciation
Depreciation as per the Income Tax Act, 1961, is allowed on the written down value method on the basis of block of assets. From the assessment year 1998 – 99, depreciation will be available according to straight-line method in the case of an undertaking engaged in the generation or generation and distribution of power.
Block Particulars Rate
1 Buildings – residential other than those covered in block 3. 5
2 Buildings – factory, godowns or buildings which are not mainly used for residential purposes and which are other than those covered under block 3. 10
3 Buildings – used as hotels, dwelling units each within plinth area not exceeding 80 sq. mts. 20
4 Buildings – temporary erections such as wooden structures. 100
5 Furniture – all other than covered in block 6. 10
6 Furniture – furniture and fittings used in hotels, restaurants and boarding houses, schools, colleges and other educational institutions, libraries, welfare centres, meeting halls, cinema houses/ theatres and circuses, and furniture and fittings let out in hire for use on the occasion of marriages and similar functions. 15
7 Plant and machinery – all other than those covered in block 8, 9, 10, 11, 12 or 13. 25
8 Plant and machinery – the following three:
Motor cars other than those used in a business of running them on hire, acquired or put to use on or after April 1, 1990.
Ocean going ships including dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes and fishing vessels with wooden hull;
Vessels ordinarily operating on inland water being speed boats.
20
9 Plant and machinery – buses, lorries and taxies used in the business of running them on hire, aeroplanes and machinery used in semi – conductor industry and plant or machinery which satisfies conditions of rule 5(2). Further it includes commercial vehicle acquired after September 30, 1998 but before April 1, 1999. 40
10 Plant and machinery – containers made of glass or plastic used as refills. 50
11 Plant and machinery – computers and commercial vehicle acquired in replacement of condemned vehicle of 15 years of age which is put to use before April 1, 1999 (if acquired during October 1, 1999 and March 31, 1999) or before April 1, 2000 (if acquired during 1999 – 2000). 60
12 Plant and machinery – air pollution control equipment; water pollution control equipment; recycling and resource recovery systems; wooden parts used in artificial silk manufacturing machinery; cinematography films, bulbs of studio lights, rollers in flour mills, sugar works and steel industry, gas cylinders, wooden match frames, plant used in field operations by mineral oil concerns, some plants used in mines, quarries and salt works, direct fire glass melting furnaces and books owned by an assessee carrying on a profession or carrying on business in running lending libraries. 100
13 Plant and machinery – ships being vessels ordinarily operating on inland waters other than speed boats. 10
14 Know how – acquired after March 31, 1998. 25
15 Patents – acquired after March 31, 1998. 25
16 Copyrights – acquired after March 31, 1998. 25
17 Trademarks – acquired after March 31, 1998. 25
18 Licences – acquired after March 31, 1998. 25
19 Franchises – acquired after March 31, 1998. 25
20 Other rights – acquired after March 31, 1998. 25
When asset is put to use for less than 180 days in the year of acquisition, then the rate of depreciation applicable is 50% of the amount calculated at the percentage prescribed in the case of block of assets comprising of that asset.
Amortisation of preliminary expenses
5% of the cost of the project is allowed as preliminary expenses.
1/5th of the qualifying expenditure is allowable as deduction in each of the 5 successive years beginning with the year in which the business commences or, as the case may be, the previous year in which extension of the industrial undertaking is completed or the new industrial unit commences production or operation.
Amortisation of expenditure in case of amalmagation/ demerger
Where an assessee, being an Indian company, incurs expenditure on or after April 1, 1999, wholly and exclusively for the purpose of amalgamation or demerger, the assessee shall be allowed a deduction equal to 1/5th of such expenditure for 5 successive previous years beginning with the previous year in which amalgamation or demerger takes place.
Insurance premium
Any amount of premium paid in respect of insurance against risk of damage, or destruction of stocks or stores, used for the purpose of business or profession, is allowable as deduction.
Insurance premium on health of employees
If a taxpayer pays premium to keep in force insurance on the health of employees, the premium is paid by cheque and is paid under a scheme framed in this behalf by the GIC and approved by the central government, such expenditure is allowed as deduction.
Bonus or commission to employeese
Is allowed as deduction provided it is not payable to him as profit or dividend if it had not been payable as bonus or commission. It is available in the year of payment.
Interest on borrowed capital for the purpose of business is allowable deduction.
Employer's contribution to recognised provident fund and approved superannuation fund is allowable to the extent it is actually paid.
Contribution towards approved gratuity fund is allowed deduction on payment basis. It should be paid before the due date for furnishing return of income under section 139(1) and before any due date by which the assessee is required as an employer to credit such contribution by law or contract.
Employee's contribution to staff welfare schemes if credited to the fund before the due date as set by any law or contract is allowable deduction.
Bad Debts is allowed deduction subject to the following conditions:
The debt has been taken into account in computing the income of the assessee of that previous year or of an earlier previous year, or represents money lent in the ordinary course of business of banking or money-lending which is carried on by the assessee;
It has been written off as irrecoverable in the accounts of the assessee for that previous year.
Family planning expenditure incurred by a company for the purpose of promoting family planning among its employees is allowable as deduction. If the expenditure is capital in nature it can be amortised over a period of five years.
Entertainment expenditure to be allowed must not be capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law.
Advertisement expenditure to be allowed must not be capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law. However no expenditure is allowable in respect of expenditure incurred by an assessee on advertisement in any souvenir, brochure, tract, pamphlet or the like published by a political party.
Travelling expenses to be allowed must not be capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law.
Expenditure on maintenance of guesthouse to be allowed must not be capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law.
Expenses deductible from commission earned of life insurance agents, UTI agents, post office/ government securities agents and agents of notified mutual funds.
Where commission earned is less than Rs. 60,000, deduction allowed is as shown in the table below:
Commission Ad hoc deduction Maximum deduction
LIC Agents
1st years commission.
Renewal commission.
1st year’s commission and renewal commission where separate figures are not available.
Bonus commission.
50% of 1st years comm.
15% of renewal comm.
331/3rd of combined comm.
No deduction
20,000 in resp. of 1.1 and 1.2 or 1.3
Zero
Agents of UTI
Commission received by authorised agents
50% of such commission Not specified.
Agents of specified securities
Commission received by authorised agents
50% of such commission Not specified.
Agents of notified mutual fund under section 10(23D)
Commission received by authorised agents
50% of such commission Not specified.
Where commission earned is more than Rs. 60,000, no ad hoc deduction is allowed, deduction allowed will be as per provisions 30 to 43B of the income tax act 1961.
General deductions: any expenditure not covered u/s 30 to 36 is deductible under s. 37 if the expenditure is not capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law.
AMOUNTS EXPRESSLY DISALLOWED UNDER THE ACT:
No deduction is permissible in respect of any expenditure or allowance under section 28 to section 44C in respect of income referred to in Section 115A, 115AB, 115AC, 115AD, 115BBA and 115D.
Amounts not deductible under section 40.
Any interest, royalty fees for technical services or other sum chargeable under the act, payable out of India on which tax has not been paid or deducted at source.
Any sum paid on account of any rate or tax levied on the profits or gains of any business or profession,
Any sum paid on account of wealth tax under the wealth tax act 1957, or any tax of similar nature chargeable under any law in force in any foreign country,
Salary paid out of India if tax has not been paid or deducted at source; and
Any payment to a provident or other fund established for the benefit of employees of the assessee, if the assessee has not made effective arrangement to secure that tax shall be deducted at source from any payment made from the fund.
In the case of partnership firms, interest, salary, bonus, commission or remuneration paid to a partner is disallowed under s.40(b) in certain cases:
Remuneration to partners: remuneration can be paid only to a working partner, authorised by the partnership deed, must not pertain to period prior to partnership deed and must not exceed the limits prescribed.
In case of a firm carrying on a profession referred to in section 44AA or which is notified for the purpose of that section:
On the first Rs. 1,00,000 of the book profit or in the case of loss
Rs. 50,000 or @ 90% of the book profit whichever is more
On the next Rs. 1,00,000 of the book profits
@ 60%
On the balance book profits
@ 40%
In case of other firms
On the first Rs. 75,000 of the book profit or in the case of loss
Rs. 50,000 or @ 90% of the book profit whichever is more
On the next Rs. 75,000 of the book profits
@ 60%
On the balance book profits
@ 40%
Interest payable to partners must be authorised by a partnership deed, and not for a period prior to the deed and the rate of interest should not exceed simple interest of 18% p.a.
Amounts not deductible in respect of payments to relatives under section 40A(2): any expenditure incurred by an assessee in respect of which payment has been made to the relative is liable to be disallowed in computing business profit to the extent such expenditure is considered to be excessive or unreasonable, having regard to the fair market value of goods or services or facilities etc. A relative is a person who is a husband, wife, brother or sister or any lineal ascendant or descendant of an individual, or in which the person is deemed to have substantial interest in the business or profession if such person is the beneficial owner of at least 20% of equity or profits of a concern at any time during the previous year
Amounts not deductible in respect of cash expenditure exceeding Rs.20, 000.
Except for payments to banking and other credit institutions, government if the rules of payments are such framed,
payment through the banking system,
payment made by book adjustment by an assessee in the account of the payee against money due to the assessee for any goods supplied or services rendered by him to the payee.
Payment to a cultivator, grower or producer in respect of the purchase of agricultural or forest produce or products of animal husbandry or dairy or poultry farming or fish or fish products or products of horticulture or apiculture, or purchase of products manufactured or processed without the aid of power in a cottage industry.
Payment to a person who ordinarily resides or carries on business in a village not served by any bank.
Payment of terminal benefits in respect of employees drawing salary not exceeding Rs. 7,500 p. a. in the year of retirement.
Payment made by an assessee by way of salary to his employee after deduction the TDS from salary and when such employee
Is temporarily posted for a continuous period of 15 days or more in a place other than his normal place of duty or on a ship; and
Does not maintain any account in any bank at such place or ship.
Payment required to be made on a day on which the banks were closed either on account of holiday or strike.
Payment made by any person to his agent who is required to make payment in cash for goods or services on behalf of such person.
Provision for payment of gratuity under section 40A(7): no deduction is allowable in respect of mere provision made by the assessee in the books for the payment of gratuity. The provision made for the purpose of payment of sums by way of contribution towards an approved gratuity fund that has become payable during the previous year or for the purpose of making any payment of gratuity that has become payable during the previous year is, however, eligible for deduction.
Unpaid statutory liability under section 43B: deduction in respect of the following sums is allowed only on payment basis:
Expenses When payment should be made go get deduction
Any sum payable by way of tax or duty or cess or fee by whatever name called under any law for the time being in force. Payment should be made either during the relevant previous year or before the due date for furnishing return of income u/s 139(1).
Any sum payable by an employer by way of contribution to any PF or superannuation fund or any other fund for the welfare of employees. Payments should be made before the due date of crediting by law or contract. If sum is paid by way other than cash, the sum realised within 15 days from the due date.
Any sum payable as bonus or commission to employees for service rendered. Payment should be made either during the relevant previous year or before the due date for furnishing return of income u/s 139 (1).
Any sum payable as interest on any loan or borrowing from any public financial institution of state financial corporation or a state industrial investment corporation. Payment should be made either during the relevant previous year or before the due date for furnishing return of income u/s139 (1).
Any sum payable as interest on any term loan taken from a scheduled bank. Payment should be made either during the relevant previous year or before the due date for furnishing return of income u/s139 (1).
From India, Hyderabad
Rent rates repairs and insurance for buildings
Actual amount spent. In case the assessee owns the building, no deduction is allowed on account of notional rent.
Repairs and insurance of machinery, plant and furniture
All actual current expenditure is allowed as deduction. In case the expenditure creates and advantage of an enduring nature or creates a new capital asset, the expenditure is of capital nature and depreciation on the new asset created is allowed.
Depreciation
Depreciation as per the Income Tax Act, 1961, is allowed on the written down value method on the basis of block of assets. From the assessment year 1998 – 99, depreciation will be available according to straight-line method in the case of an undertaking engaged in the generation or generation and distribution of power.
Block Particulars Rate
1 Buildings – residential other than those covered in block 3. 5
2 Buildings – factory, godowns or buildings which are not mainly used for residential purposes and which are other than those covered under block 3. 10
3 Buildings – used as hotels, dwelling units each within plinth area not exceeding 80 sq. mts. 20
4 Buildings – temporary erections such as wooden structures. 100
5 Furniture – all other than covered in block 6. 10
6 Furniture – furniture and fittings used in hotels, restaurants and boarding houses, schools, colleges and other educational institutions, libraries, welfare centres, meeting halls, cinema houses/ theatres and circuses, and furniture and fittings let out in hire for use on the occasion of marriages and similar functions. 15
7 Plant and machinery – all other than those covered in block 8, 9, 10, 11, 12 or 13. 25
8 Plant and machinery – the following three:
Motor cars other than those used in a business of running them on hire, acquired or put to use on or after April 1, 1990.
Ocean going ships including dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes and fishing vessels with wooden hull;
Vessels ordinarily operating on inland water being speed boats.
20
9 Plant and machinery – buses, lorries and taxies used in the business of running them on hire, aeroplanes and machinery used in semi – conductor industry and plant or machinery which satisfies conditions of rule 5(2). Further it includes commercial vehicle acquired after September 30, 1998 but before April 1, 1999. 40
10 Plant and machinery – containers made of glass or plastic used as refills. 50
11 Plant and machinery – computers and commercial vehicle acquired in replacement of condemned vehicle of 15 years of age which is put to use before April 1, 1999 (if acquired during October 1, 1999 and March 31, 1999) or before April 1, 2000 (if acquired during 1999 – 2000). 60
12 Plant and machinery – air pollution control equipment; water pollution control equipment; recycling and resource recovery systems; wooden parts used in artificial silk manufacturing machinery; cinematography films, bulbs of studio lights, rollers in flour mills, sugar works and steel industry, gas cylinders, wooden match frames, plant used in field operations by mineral oil concerns, some plants used in mines, quarries and salt works, direct fire glass melting furnaces and books owned by an assessee carrying on a profession or carrying on business in running lending libraries. 100
13 Plant and machinery – ships being vessels ordinarily operating on inland waters other than speed boats. 10
14 Know how – acquired after March 31, 1998. 25
15 Patents – acquired after March 31, 1998. 25
16 Copyrights – acquired after March 31, 1998. 25
17 Trademarks – acquired after March 31, 1998. 25
18 Licences – acquired after March 31, 1998. 25
19 Franchises – acquired after March 31, 1998. 25
20 Other rights – acquired after March 31, 1998. 25
When asset is put to use for less than 180 days in the year of acquisition, then the rate of depreciation applicable is 50% of the amount calculated at the percentage prescribed in the case of block of assets comprising of that asset.
Amortisation of preliminary expenses
5% of the cost of the project is allowed as preliminary expenses.
1/5th of the qualifying expenditure is allowable as deduction in each of the 5 successive years beginning with the year in which the business commences or, as the case may be, the previous year in which extension of the industrial undertaking is completed or the new industrial unit commences production or operation.
Amortisation of expenditure in case of amalmagation/ demerger
Where an assessee, being an Indian company, incurs expenditure on or after April 1, 1999, wholly and exclusively for the purpose of amalgamation or demerger, the assessee shall be allowed a deduction equal to 1/5th of such expenditure for 5 successive previous years beginning with the previous year in which amalgamation or demerger takes place.
Insurance premium
Any amount of premium paid in respect of insurance against risk of damage, or destruction of stocks or stores, used for the purpose of business or profession, is allowable as deduction.
Insurance premium on health of employees
If a taxpayer pays premium to keep in force insurance on the health of employees, the premium is paid by cheque and is paid under a scheme framed in this behalf by the GIC and approved by the central government, such expenditure is allowed as deduction.
Bonus or commission to employeese
Is allowed as deduction provided it is not payable to him as profit or dividend if it had not been payable as bonus or commission. It is available in the year of payment.
Interest on borrowed capital for the purpose of business is allowable deduction.
Employer's contribution to recognised provident fund and approved superannuation fund is allowable to the extent it is actually paid.
Contribution towards approved gratuity fund is allowed deduction on payment basis. It should be paid before the due date for furnishing return of income under section 139(1) and before any due date by which the assessee is required as an employer to credit such contribution by law or contract.
Employee's contribution to staff welfare schemes if credited to the fund before the due date as set by any law or contract is allowable deduction.
Bad Debts is allowed deduction subject to the following conditions:
The debt has been taken into account in computing the income of the assessee of that previous year or of an earlier previous year, or represents money lent in the ordinary course of business of banking or money-lending which is carried on by the assessee;
It has been written off as irrecoverable in the accounts of the assessee for that previous year.
Family planning expenditure incurred by a company for the purpose of promoting family planning among its employees is allowable as deduction. If the expenditure is capital in nature it can be amortised over a period of five years.
Entertainment expenditure to be allowed must not be capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law.
Advertisement expenditure to be allowed must not be capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law. However no expenditure is allowable in respect of expenditure incurred by an assessee on advertisement in any souvenir, brochure, tract, pamphlet or the like published by a political party.
Travelling expenses to be allowed must not be capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law.
Expenditure on maintenance of guesthouse to be allowed must not be capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law.
Expenses deductible from commission earned of life insurance agents, UTI agents, post office/ government securities agents and agents of notified mutual funds.
Where commission earned is less than Rs. 60,000, deduction allowed is as shown in the table below:
Commission Ad hoc deduction Maximum deduction
LIC Agents
1st years commission.
Renewal commission.
1st year’s commission and renewal commission where separate figures are not available.
Bonus commission.
50% of 1st years comm.
15% of renewal comm.
331/3rd of combined comm.
No deduction
20,000 in resp. of 1.1 and 1.2 or 1.3
Zero
Agents of UTI
Commission received by authorised agents
50% of such commission Not specified.
Agents of specified securities
Commission received by authorised agents
50% of such commission Not specified.
Agents of notified mutual fund under section 10(23D)
Commission received by authorised agents
50% of such commission Not specified.
Where commission earned is more than Rs. 60,000, no ad hoc deduction is allowed, deduction allowed will be as per provisions 30 to 43B of the income tax act 1961.
General deductions: any expenditure not covered u/s 30 to 36 is deductible under s. 37 if the expenditure is not capital or personal in nature, incurred in the previous year, in respect of the business carried on by the assessee and not incurred for any purpose which is an offence or is prohibited by any law.
AMOUNTS EXPRESSLY DISALLOWED UNDER THE ACT:
No deduction is permissible in respect of any expenditure or allowance under section 28 to section 44C in respect of income referred to in Section 115A, 115AB, 115AC, 115AD, 115BBA and 115D.
Amounts not deductible under section 40.
Any interest, royalty fees for technical services or other sum chargeable under the act, payable out of India on which tax has not been paid or deducted at source.
Any sum paid on account of any rate or tax levied on the profits or gains of any business or profession,
Any sum paid on account of wealth tax under the wealth tax act 1957, or any tax of similar nature chargeable under any law in force in any foreign country,
Salary paid out of India if tax has not been paid or deducted at source; and
Any payment to a provident or other fund established for the benefit of employees of the assessee, if the assessee has not made effective arrangement to secure that tax shall be deducted at source from any payment made from the fund.
In the case of partnership firms, interest, salary, bonus, commission or remuneration paid to a partner is disallowed under s.40(b) in certain cases:
Remuneration to partners: remuneration can be paid only to a working partner, authorised by the partnership deed, must not pertain to period prior to partnership deed and must not exceed the limits prescribed.
In case of a firm carrying on a profession referred to in section 44AA or which is notified for the purpose of that section:
On the first Rs. 1,00,000 of the book profit or in the case of loss
Rs. 50,000 or @ 90% of the book profit whichever is more
On the next Rs. 1,00,000 of the book profits
@ 60%
On the balance book profits
@ 40%
In case of other firms
On the first Rs. 75,000 of the book profit or in the case of loss
Rs. 50,000 or @ 90% of the book profit whichever is more
On the next Rs. 75,000 of the book profits
@ 60%
On the balance book profits
@ 40%
Interest payable to partners must be authorised by a partnership deed, and not for a period prior to the deed and the rate of interest should not exceed simple interest of 18% p.a.
Amounts not deductible in respect of payments to relatives under section 40A(2): any expenditure incurred by an assessee in respect of which payment has been made to the relative is liable to be disallowed in computing business profit to the extent such expenditure is considered to be excessive or unreasonable, having regard to the fair market value of goods or services or facilities etc. A relative is a person who is a husband, wife, brother or sister or any lineal ascendant or descendant of an individual, or in which the person is deemed to have substantial interest in the business or profession if such person is the beneficial owner of at least 20% of equity or profits of a concern at any time during the previous year
Amounts not deductible in respect of cash expenditure exceeding Rs.20, 000.
Except for payments to banking and other credit institutions, government if the rules of payments are such framed,
payment through the banking system,
payment made by book adjustment by an assessee in the account of the payee against money due to the assessee for any goods supplied or services rendered by him to the payee.
Payment to a cultivator, grower or producer in respect of the purchase of agricultural or forest produce or products of animal husbandry or dairy or poultry farming or fish or fish products or products of horticulture or apiculture, or purchase of products manufactured or processed without the aid of power in a cottage industry.
Payment to a person who ordinarily resides or carries on business in a village not served by any bank.
Payment of terminal benefits in respect of employees drawing salary not exceeding Rs. 7,500 p. a. in the year of retirement.
Payment made by an assessee by way of salary to his employee after deduction the TDS from salary and when such employee
Is temporarily posted for a continuous period of 15 days or more in a place other than his normal place of duty or on a ship; and
Does not maintain any account in any bank at such place or ship.
Payment required to be made on a day on which the banks were closed either on account of holiday or strike.
Payment made by any person to his agent who is required to make payment in cash for goods or services on behalf of such person.
Provision for payment of gratuity under section 40A(7): no deduction is allowable in respect of mere provision made by the assessee in the books for the payment of gratuity. The provision made for the purpose of payment of sums by way of contribution towards an approved gratuity fund that has become payable during the previous year or for the purpose of making any payment of gratuity that has become payable during the previous year is, however, eligible for deduction.
Unpaid statutory liability under section 43B: deduction in respect of the following sums is allowed only on payment basis:
Expenses When payment should be made go get deduction
Any sum payable by way of tax or duty or cess or fee by whatever name called under any law for the time being in force. Payment should be made either during the relevant previous year or before the due date for furnishing return of income u/s 139(1).
Any sum payable by an employer by way of contribution to any PF or superannuation fund or any other fund for the welfare of employees. Payments should be made before the due date of crediting by law or contract. If sum is paid by way other than cash, the sum realised within 15 days from the due date.
Any sum payable as bonus or commission to employees for service rendered. Payment should be made either during the relevant previous year or before the due date for furnishing return of income u/s 139 (1).
Any sum payable as interest on any loan or borrowing from any public financial institution of state financial corporation or a state industrial investment corporation. Payment should be made either during the relevant previous year or before the due date for furnishing return of income u/s139 (1).
Any sum payable as interest on any term loan taken from a scheduled bank. Payment should be made either during the relevant previous year or before the due date for furnishing return of income u/s139 (1).
From India, Hyderabad
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