int on already provided but unpaid int amt
This query is : Resolved
26 January 2011
Dear Experts,
Ours is a pvt ltd co. relatives of directors have given loan to company. we had provided int @ 12% on o/s loan as on 31.03.10 for f.y.09-10.
Till today company has not paid this o/s int which is provided in f.y.09-10.
While calculating int for f.y.10-11 does we need to consider the o/s int amt also?
Thanks in advacne.
Regards,
Sushil
Ours is a pvt ltd co. relatives of directors have given loan to company. we had provided int @ 12% on o/s loan as on 31.03.10 for f.y.09-10.
Till today company has not paid this o/s int which is provided in f.y.09-10.
While calculating int for f.y.10-11 does we need to consider the o/s int amt also?
Thanks in advacne.
Regards,
Sushil
26 January 2011
Depends on the resolution on the strength of which loan has been raised by the company. If it is simple interest , no need to pay interest on interest.
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