Deepak Thukral
Manager Accounts
Surendrabhati
Executive Accounts

hi friends if i am purchase a car on finance than monthly emi amount rebat in taxable income give me advise surendra
no, you can not claim rebate on EMI on car finance. EMI for only housing loan and education loan is allowed as a rebate Swarnalata
NET INCOME CHARGEABLE TO INCOME TAX IS CALCULATED AFTER DEDUCTED ALL ADMISSIBLE EXPENSES IN CASE OF PROFITS AND GAINS OF BUSINESS AND PROFESSION. THE INTEREST CHARGED BY THE BANK IS DEDUCTIBLE EXPENSES AS FAR AS INCOME FROM BUSINESS IS CONCERNED. BUT THE SAME IS NOT DEDUCTIBLE FROM SALARY. CERTAIN BPO COMPANIES ARE MAKING PAYMENT OF REMUNERATION BY MEANS OF PROFESSIONAL CHARGES WHICH ARE TAXABLE UNDER THE HEAD BUSINESS AND PROFIESSION. IN SUCH A CASE SUCH AN EXPENSES CAN BE DEDUCTED. YOU SHOULD CHECK UP FOR YOUR SELF IF FORM 16 IS BEING ISSUED THAN IT IS NOT DEDUCTIBLE, BUT IF FORM 16-A IS BEING ISSUED TO YOU THAN IT IS DEDUCTIBLE
DEEPAK THUKRKAL
CHANDIGARH
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