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taxation
interest on borrowed capital for asset for business allowed from which date?

By: KOMAL

Hi Komal,

If the asset is purchased for extension of existing business then interest is allowed as revenue expenditure from the date when the asset is first put to use and any interest prior to that date is capitalized can be claimed as depreciation.
However, if the assets is purchased not for extension of existing business then interest can be allowed as revenue expenditure from the date of borrowing itself and no interest need to be capitalised.
 



By: MJ



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25 Apr

☑ Half-Yearly | ITC-04

ITC-04 for the half year (Oct - Mar 2024) (For taxpayers > 5 Cr. Turnover) - Rule 45.

☑ Annual | ITC-04

ITC-04 for the FY 2023-24 (For taxpayers upto 5 Cr. Turnover) - Rule 45.

28 Apr

☑ Monthly | GSTR-11

GSTR-11 for the m/o Mar 2024 (Statement of inward supplies by persons having Unique Identification Number (UIN)).

30 Apr

☑ Annual | GSTR-4

GSTR-4 (Annual Return) for FY 2023-24 by Composite Taxpayer (Rule 62).

☑ Quarterly | QRMP

Last date for opt-in / opt-out QRMP Scheme for quarter Apr - June 2024 (Rule 61A)