43B - Interest on loan from scheduled bank
This query is : Resolved
28 June 2010
Dear All,
In case of Over Draft Account with a scheduled bank, how do we ascertain whether the interest charged by the bank has been paid or not?(since there will be deposit and withdrawal and we can not really attribute the deposit to the payment of interest)
Thank you
In case of Over Draft Account with a scheduled bank, how do we ascertain whether the interest charged by the bank has been paid or not?(since there will be deposit and withdrawal and we can not really attribute the deposit to the payment of interest)
Thank you
28 June 2010
In case of Overdraft a/c , as soon as when bank has charged interest in account, then they are debiting your account i.e it will be shown withdrawl side. ie. overdraft use is increased. i.e they are recovered interest from your account.
28 June 2010
Section 43B may not be applicable to OD facility availed on a regular basis.
More opinion solicited.
More opinion solicited.
28 June 2010
43b is attracted
29 June 2010
43B is attracted even for OD and cash credit account. but the question is " can the debit to our account can be treated as payment?
29 June 2010
yES, DEBIT TO OUR ACCOUNT WILL BE TREATED AS PAYMENT.
29 June 2010
When our bank A/c account has positive balance then, debit can be treated as payment, but when OD a/c has negetive balance, then can we treat debit of interest charges to our od a/c as "payment"? Will not it be an addition to already existing loan. hence expanation 3c to 43B attracted?
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