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income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 January 2011 If we received and given to any person a Interest free loan, then how many days we disclosed this in Balance sheet without paying any interest and principle?
is it any penalty section attract on it?

I have showed interest free loan which i given to party since 2 years without any transaction with him>
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
20 January 2011 There is no section in income tax which restrict to show interest free loan to party. But it should be a proper way i.e transaction should be by cheque not in cash. BOth party should be agreed for such arrangement.
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