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of <h1>Deduction on Interest for Borrowed Capital: Key Details under Section 36(1)(iii) and Section 37(1) of Income Tax Act</h1> Interest on borrowed capital under Section 36(1)(iii) of the Income Tax Act allows for the deduction of interest paid on capital borrowed for business purposes, subject to Section 43B. However, interest on capital borrowed for acquiring new assets is not deductible until the asset is put to use and must be added to the asset's cost. Deduction eligibility requires the capital to be borrowed for business, and interest must be paid. Interest paid to family on partitioned money, for retiring partner payments, or for business creditors is deductible. Interest on own capital, inter-unit payments, or for tax liabilities is not deductible. Brokerage for loans is deductible under Section 37(1).
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