Accounting treatment for tds
This query is : Resolved
Jigar Chudasama
(Querist)
31 May 2013
Hello Experts,
My Query is,
A company has obtained car loan from NBFC, so is TDS applicable on the interest paid on such loan? This NBFC is subsidiary of a Banking Company.
if yes, then what should be the accounting treatment and disclosure requirement??
the installment is paid through ECS so company is not deducting TDS on interest but same is paid to Govt out of its pocket and later it will recover from NBFC, so such TDS paid, where to be shown in Revised Schedule XI??
Thanks in Advance
My Query is,
A company has obtained car loan from NBFC, so is TDS applicable on the interest paid on such loan? This NBFC is subsidiary of a Banking Company.
if yes, then what should be the accounting treatment and disclosure requirement??
the installment is paid through ECS so company is not deducting TDS on interest but same is paid to Govt out of its pocket and later it will recover from NBFC, so such TDS paid, where to be shown in Revised Schedule XI??
Thanks in Advance
Rupesh Jain
(Expert)
17 June 2013
u can create new ledger under loan & advance TDS REcoverable from........ company name
to credit the NBFC co a/c
to credit the NBFC co a/c
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