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Sir, what about interest payable on qualifying loans? Are they allowable deductions on the net profit to calculate taxable trading profit?
Qualifying loan interest payments as stated in section 4 of chapter 2 are deducted from total income not from trading income. Interest payable on borrowings for trading purposes are deducted in deriving the adjusted trading profit.
Sir, If a question’s 1st part is to compute income tax (say for 4 marks) and the second part mentions a variation which would reduce tax liability (3 marks), then would you advise to make the whole income tax computation again or just explain the reductions in tax?
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