https://www.taxtmi.com/manuals?id=1111 Interest on capital borrowed for business or profession is generally deductible, but interest on borrowings used to acquire an asset is not deductible from the date of borrowing until the asset is first put to use and is added to the cost of the asset. The deduction requires borrowed capital, business purpose, and actual payment of interest. Certain recurring subscriptions to mutual benefit societies may be treated as borrowed capital if prescribed conditions are satisfied. en-us Tue, 15 Sep 2015 10:56:00 +0530 Sat, 25 Apr 2026 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1111 Interest on capital borrowed for business or profession is generally deductible, but interest on borrowings used to acquire an asset is not deductible from the date of borrowing until the asset is first put to use and is added to the cost of the asset. The deduction requires borrowed capital, business purpose, and actual payment of interest. Certain recurring subscriptions to mutual benefit societies may be treated as borrowed capital if prescribed conditions are satisfied. Manuals Income Tax Tue, 15 Sep 2015 10:56:00 +0530 https://www.taxtmi.com/manuals?id=1111