Assertion: debt instrument's amount | /r/HasProperty | paid as interest
Facets:
value: on borrowings
type: LOCATION
value: on debt
type: LOCATION
Source sentences:
text: As per the provisions of the Income Tax Act, 1961 (‘ITA’), under Section 36(1)(iii) – amounts paid as interest on borrowings and debt, in general, qualify for tax deduction as long as it is on account of capital borrowed for the purpose of a business or profession.