Calculation of interest

This query is : Open

srinivasan (Querist)
Follow

16 October 2017 Sir

1. How the banks are calculating interest on our FD.?
2.The ceiling of Rs.10000 is subject to TDS? why
3.What is the system for CC interest?
4.difference between Terms loan and business loan?
5.Are they system are available Working capital?.
6.Difference between Buyer LC and nor LC.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

16 October 2017 1. Interest calculated on accrual basis

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

16 October 2017 2. as mentioned in the IT Act. if the interest is less than Rs.10000 , for 15 g 15 h is valid.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

16 October 2017 3. CC is a limit allowed for working capital needs and interest will be charged monthly on the amount drawn everyday

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

16 October 2017 4. No difference. loans may be classified as term loans and demand loans. Business loans are demand loan if the tenure is less than 3 yeara.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

16 October 2017 5 and 6: Unable to understand the question.ls rephrase

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now