When a person avail CA Loan, the portion of the profits generated that goes towards repayment of the interest of the loan is eligible for tax benefits. There is a specific section under the income tax act that specifies the same. The interest is then deducted from the business profits when calculating the taxable income of the CA.
The principal amount of the loan availed is not eligible for tax benefits as it is not earned. Depending on the lender chosen, the applicant can avail upto INR 35 lakhs. The basic procedure involves filling up the application form online after ensuring complete fulfillment of the eligibility criteria. The loan application is then processed and the sanctioned amount is disbursed in a couple of days. The resource given below will help you learn more about CA loans in greater detail:
Income Tax Benefits You Get on Availing Chartered Accountant Loan
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