Loan from Banks

Tax Glossary Definition

Loan from Banks

A loan from banks refers to funds borrowed by an individual or business from a banking institution for business or personal purposes. The interest paid on business loans is generally deductible under the Income Tax Act, reducing taxable income, while the principal repayment is not deductible.

Example: A business borrows ₹10 lakh at 10% interest; the interest paid on this loan is allowed as a deduction while computing taxable business profits.

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