Interest on long term loans: inserted provision covers interest on funds lent for creating capital assets with seven year repayment. Section 2(7) of the Interest tax Act, 1974 is amended to insert a new sub clause stating that interest on money lent for the creation of a capital asset ... Summary
Interest on long term loans: inserted provision covers interest on funds lent for creating capital assets with seven year repayment.
Section 2(7) of the Interest tax Act, 1974 is amended to insert a new sub clause stating that interest on money lent for the creation of a capital asset in India is included where the loan agreement provides for repayment over a period of not less than seven years, alongside minor connective edits to existing sub clauses.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.