Interest
This query is : Resolved
rajeev khanna
(Querist)
06 March 2014
if an individual has given loan to a company on interest and the company has not given interest for last 9 months and has neither deposited TDS then should the individual take in acct the income from interest and pay tax? also, if the company has shown TDS but has not given the interest then what should the person do? the interest is 1lac per month.
Nikhil Kaushik
(Expert)
06 March 2014
well you need to follow the normal accounting policy. if the individual accounts for income on accrual basis, then he needs to include the interest on accrual basis.
if expects that the company wont be paying any money to him, he can after booking the income, write off it off. in this scenario, ensure that proper documentary trail is created for attempts to recover money from the company.
if expects that the company wont be paying any money to him, he can after booking the income, write off it off. in this scenario, ensure that proper documentary trail is created for attempts to recover money from the company.
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